Lot 378: RAOUL DUFY - Nu se reposant sur la plage

Live bidding may start higher or lower

$0 - 74,999:24.5%

$75,000 - 499,999:19.5%

$500,000+:13.0%

TERMS & CONDITIONS OF SALE & LIMITED WARRANTY

Our email address is: [email protected]; website is www dot stanfordauctioneers dot com.

Each lot in this catalogue is subject to the following Terms & Conditions of Sale & Limited Warranty ("T&C"), as supplemented in writing or otherwise by Stanford Auctioneers, Inc. ("SA") prior to the sale. By registering to bid at auction, by placing a bid or offer by any means, or by purchasing a lot or property after-auction/after-sale or private sale, whether or not the lot or property is included in the present auction, you agree to these T&C, including those available by hyperlink at our website. We may amend these T&C at any time by posting the amended terms on our website. Except as stated below, all amended terms shall automatically be effective on a prospective basis once they are posted on our site. These T&C may not be otherwise amended except in a writing signed by you and SA. "We," "us," "our," "Stanford Auctioneers," "SA," and all other similar terms refer to Stanford Auctioneers and its agents; "you," "your," "buyer," or similar terms refer to a person bidding on or buying property.

AUCTIONEER

Stanford Auctioneers conducts business as an auctioneer commission-agent in its own name on behalf of its voluntary consignors and from time to time on its own behalf.

CATALOGUE INFORMATION

All auction catalogue information posted on-line at any Internet live bidding platform website, including but not limited to the auction Cataloguing Practices, Auction Material, Duration and Time of Auction, Buyer's Premium, Condition, Types of Bidding and Bidder Responsibilities, Payment, Shipping, Lots Per Hour, Taxes, Terms & Conditions, Contract, and Registration, is hereby incorporated as part of these present T&C. Any pre-sale announcements made by the auctioneer immediately prior to the start of the auction are incorporated herein as well.

AUCTION DATES AND TIMES

Auction dates and times, as well as the number, character, order, and schedule of the items to be auctioned are set by SA and are subject to change without notice. Individual lots and items may be modified or changed at any time. Some lots and items that are made available on the auction floor may not be included in the online live auction services catalogues. Any audio or video aspects of a live auction event are for entertainment purposes only.

DURATION AND TIMING OF AUCTION

Please note that we utilize both "traditional" auctions and timed auctions. In our traditional auctions, we start with lot #1 and continue in numerical lot order until we sell the last lot. Some lots sell quickly, others take a while. We sell approximately 150 to 200 lots per hour, so you should be able to calculate roughly when the lot(s) you are interested in will be up for sale. The duration of the traditional auction is approximately three to six hours long, and we have no way of knowing precisely at what hour or minute your lot(s) will be up for sale. Timed auctions utilize a time certain, the exact time when the lot closes.

DESCRIPTION AND CONDITION OF LOTS

All objects put up for auction may be viewed and examined prior to the sale, by appointment. Previews are not available on the sale date. Catalogue descriptions are created with as much care as possible, but are OPINION ONLY, and the descriptions do not fall under any statutory paragraph for guaranteed legal characteristics. Solely as a convenience, SA may provide condition reports. Many items are of an age or nature that precludes their being in perfect condition. Some descriptions in the catalogue are given by way of a condition report (made either orally or in writing), which makes reference to damage and/or restoration. We provide this information for guidance only, without legal obligation, and the absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Bidders are urged to ask for condition reports as early as possible before an auction, and there is no guarantee we will be able to fulfill all requests for condition reports.

Any representation or statement by SA in any catalogue, brochure, or advertisement of forthcoming sales as to authorship, attribution, genuineness, origin, date, age, provenance, condition, or estimated selling price is a statement of opinion only. Every person interested should exercise his own judgment as to such matters, and neither SA nor any of its agents are responsible for the correctness of such opinions. Except as stated under Limited Warranty in the paragraphs below, all property is sold "AS IS, WHERE IS," with no representation or warranty of any kind from SA or the consignor. Buyers or their agents are advised to personally examine any property on which they intend to bid prior to the auction. All dimensions are approximate. The condition of frames is not guaranteed.

All lots are sold AS IS, WHERE IS and there will be NO RETURNS BASED ON CONDITION. Many items are of considerable age and will exhibit wear, usage, and damage often NOT LISTED IN THE CATALOGUE ENTRY. Some descriptions in the catalogue refer to specific damage and/or restoration, and while we provide this information for guidance only, without legal obligation, the absence of condition remarks in the catalogue DOES NOT mean the item is in perfect condition. Condition, like beauty, is in the eye of the beholder. When we list condition information for a lot, it is our opinion only. The absence of condition information does not mean the item is in perfect condition. Certain objects, such as watercolors, drawings, prints, posters, photographs, and photogravures, among others, may be affixed to mounting boards or support sheets, either contemporary or modern, and these may or may not be noted in the catalogue description. We urge you to request a full condition report for any items in which you have an interest. We recommend that every interested party exercise the best judgment possible based on direct physical examination of the property, as there are ABSOLUTELY NO RETURNS BASED ON CONDITION.


CATALOGUING PRACTICES

The following are some, but not all, of the practices used by Stanford Auctioneers in the cataloging of individual lots for sale:

1. Authorship of lots. Authorship for each lot is indicated using the following descriptions (with Henri Matisse as an example): Henri Matisse: In our opinion, a work by the artist. Henri Matisse (par/imputee): In our opinion, most probably a work by the artist but our certainty as to authorship is not complete; generally used for two dimensional objects such paintings, drawings, etc. Henri Matisse (imputee): In our qualified opinion, probably a work by the artist and from the period of the artist but less certainty as to authorship is expressed than in the second category. (Thus, par/imputee and imputee works are specifically excluded from the guarantee of authorship, as are studio of, circle of, style of, follower of, manner of, and d'apres). Henri Matisse (studio of): In our opinion, a work by an unknown hand in the studio of the artist which may or may not have been executed under the direction of the artist. Henri Matisse (circle of): In our opinion, a work by an unknown hand closely associated with the named artist but not necessarily his student. Henri Matisse (style of) or (follower of): In our opinion, a work by an unknown, nearly contemporary or contemporary hand working in the artist's style but not necessarily his student. Henri Matisse (manner of): In our opinion, a work in the style of the artist and of a later date. Henri Matisse (d'apres): For paintings, drawings, watercolors, and similar one of a kind objects, in our opinion, a copy of a work of the artist; For multiples, such as prints, posters, photographs, sculptures, and similar objects, a copy of a work of the artist which may or may not have been authorized by the artist and which may or may not have been signed by the artist.

2. Dates. Dates are ascribed as closely as possible, with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return because of date inaccuracy. Most lots include "matrix" date information. In the case of one of a kind objects (such as paintings, watercolors, etc.) the matrix date is the date the object was created. For "multiple" objects, such as most prints, posters, sculptures, photographs, etc., the matrix date is the creation date of the matrix from which the object is then derived. If known, we may list the "printed" date, the date that the multiple offered was printed. When we don't know the exact matrix date we may put "c" for circa, as in c1931, or we may omit this entirely. If we don't know the exact printed date we may use "c" or "printed later," or we may omit this entirely.

3. Dimensions. Measurements of the image and the matrix material are generally in 1/16 of an inch, height before width before depth, with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return due to size inaccuracy. Intaglio prints are measured from the platemark; paintings, drawings, planographic prints, etc. are measured from the image. In the case of fine prints, posters, etc. we strive to note both image size and the sheet/paper size. In the case of posters, the image size generally is the size of the actual image itself, not including "letters" (any text, whether exhibition information or otherwise, unless the letters form part of the original image matrix).

4. Title, Medium, Edition, Paper, Margins, Catalogue Raisonne, Provenance. The Title may be as given by the Artist or may be descriptive; Medium if applicable and available; Edition size and individual number if applicable and available; Paper type if applicable and available; Margins if applicable and available; Impression quality if applicable and available; Catalogue raisonne number if applicable and available - please note that we occasionally use "cf.", the Latin abbreviation for the word "confer", which translates to English as "compare to", and does not imply that the catalogue number referred to is in fact the catalogue number for the object catalogued - rather, there is a similarity to the object and the catalogue image may be helpful to the viewer; Provenance if available: we describe these aforementioned items as accurately as possible with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return due to any cataloguing inaccuracy in these categories.

5. Signature: "Signed:" in our qualified opinion, an autograph signature by the artist; "Bears signature:" in our qualified opinion, may or may not be an autograph signature by the artist; "Bears spurious signature:" in our qualified opinion, not an autograph signature by the artist; "Complimentary signature:" in the case of prints indicates, among other things, that the object may or may not have been part of the regular edition and that the artist applied his/her signature in a complimentary manner. Signatures on most fine art posters are complimentary, understood as such, hence are not noted as complimentary in the lot description. In addition, the complimentary signature might be affixed well after the issue date; "Signed in the matrix/stone/bronze/plate/image/negative:" in the case of multiples, the autograph signature of the artist in the matrix itself, which then becomes part of the matrix (sometimes referred to as a "printed signature" or an "inscribed signature").

6. Photogravures. There are numerous methods for producing a gravure print from a photograph, including but not limited to Photogravure, Heliogravure, Neogravure, Rotogravure, Screengravure, Plategravure, Aquatint photogravure, Dust-grain photogravure, Sand-grain photogravure, Magnagravure (Magnavure), etc. Since even for experts it is sometimes difficult to distinguish between them, and the fact that gravure is a term of art in French often referring to an intaglio print such as an etching, we have chosen to catalogue all the gravure methods listed above, as well as any others, whether sheet-fed, continuous roll, or hand, as Photogravures. These prints may or may not be editioned, by definition derive from a photo-mechanical process, and may come from portfolios, periodicals, publications, and the like. They may or may not be affixed to either contemporary or modern mounts.

PROVENANCE INFORMATION & DOCUMENTATION

Documents furnished to SA in connection with objects being offered for sale by us may be subject to confidentiality, privacy, and/or contractual statutes and concerns and may not always be available to prospective and successful bidders. There is no guarantee that any object in any lot will be accompanied by written provenance information, whether or not the lot description bears a statement of provenance. Generally, with multiples such as prints, posters, photographs, etc., provenance information is seldom encountered. Provenance information is almost always furnished to SA by the consignor, is provided in catalogue descriptions only as a matter of information, not fact, unless indicated otherwise, and SA solely assumes no responsibility for its representation and/or accuracy.

CATALOGUE AND ON-LINE IMAGES

We strive to present as accurately as possible any object pictured in our printed or on-line catalogues. Because of the different methods used by on-line auction bidding platforms to upload images, which can result in the distortion of, or addition to, a particular object, and the color differentiation and variation of various computer monitors, and other factors relating to the Internet, there are absolutely no returns due to variations between images as pictured in the on-line catalogue and the actual object itself.

Often artwork is pictured framed; the frames may be exhibition frames, not part of the purchase price of the lot. If the catalogue description indicates that the object is framed, then the frame is part of the purchase price. If no indication is given that the object is framed, then the object is being sold unframed.

Occasionally there may be a discrepancy between the image of an object in the on-line and/or printed catalogue and the catalogue text description of same. If this is the case, the catalogue text description is presumed correct, takes precedence over the image, and no returns will be accepted, or liability on SA's part incurred, due to this type of discrepancy. We urge you to contact us before your purchase if you notice a situation such as this.

From time to time you may notice that an item from a lot in a previous auction is being re-offered/re-listed. Some of the reasons for this include a winning bidder in a previous auction not paying for the item, multiple impressions of the same item, and the item was offered with a reserve and the reserve was not met. If the exact same item is being re-offered/re-listed the previously used image generally is used in the catalogue. If the lot is a multiple impression of a previously offered item then a new image is used.

CONSIGNMENT

Except as noted in this paragraph, all lots in the sale are offered for the account of a third party Consignor, without any interest (direct or indirect) of the auctioneer or SA. Where SA or an affiliate of SA is the sole or partial owner of the property, there is no symbol at the end of the catalogue lot description. Where the lot is offered for the account of a third party, it is noted by the "plus" symbol (+) at the end of the description of that lot. Under no circumstance will the Consignor receive any rebate commission nor may the Consignor bid upon or buy back his own property.

On occasion, SA has a direct financial interest in lots consigned for sale, which may include guaranteeing a minimum price or making an advance to the Consignor that is secured solely by consigned property. This indicates both in cases where SA holds the financial interest on its own, and in cases where SA has financed all or a part of such interest through a third party. Such third parties generally benefit financially if a guaranteed lot is sold successfully, and may incur a loss if the sale is not successful.

In the event that you have a dispute with one of our consignors, you release SA (and our officers, directors, agents, parent, subsidiaries, joint ventures, and employees) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code § 1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

When contacting us about a possible consignment of "flat art" (paintings, prints, posters, etc.) please note that we focus almost exclusively on consignments where the artist has signed the work with an autograph signature, especially in the case of fine art prints and posters. Provenance information and applicable paperwork enhances the chance of our accepting the consignment(s).

Consignors may or may not be paid immediately upon the sale of their lots, but, assuming SA has received good funds from the buyer, in no event will they be paid later than 45 days from the date of sale of their property. In its sole discretion, SA may pay consignors for sold goods before SA receives the payment from the buyer.

In certain instances, in its sole discretion, SA may extend credit to a consignor based on the anticipated sale of the consignor's property in a forthcoming auction and/or aftersale.

All consignor information is held strictly confidential. SA's Consignment Agreement contains a contractual clause stating that SA will not divulge the name of the consignor, or any details of same, or any artwork consigned, or any financial arrangements made, etc. to any individual or entity.

AUCTION CONSIGNMENT COSTS & CONTRACTURAL ARRANGEMENTS

SA does not charge a commission to the consignor/seller on the hammer price of an item sold at its auctions. There is no charge to the seller for insurance, photography, color printing in the catalogue, buy-in fee, etc. The consignor/seller is liable only for shipping the item to SA, and in the event it goes unsold, the shipping, handling, and packing costs of sending the item back to the seller.

SA's quid pro quo for the absence of any fees charged to the consignor/seller involves contractual arrangements, including but not limited to, allowing it to control the sale of the artwork for at least one year; the ability of SA to continuously offer the artwork for sale in multiple auctions until and if sold; SA's ability to offer the artwork by private treaty in the event that it goes unsold at an auction or SA in its sole discretion determines the artwork best sold by private treaty; and other arrangements.

PRIVATE TREATY SALES

SA engages in "private treaty" sales where it does charge a commission for its services. The amount of the commission is negotiated between the consignor/seller and SA. A private treaty sale is basically the sale of an artwork by negotiation and involves buyers making offers on an artwork which either result in an offer being accepted or negotiation on the price between the buyer and seller.

Some of the advantages of selling by private treaty through SA are: the possibility of receiving a higher price due to the fact that each potential buyer does not know what the other potential buyers have offered; an extended sale period in which to reach a selling price; less pressure than selling at auction.

Some of the disadvantages of selling by private treaty through SA are: the commission that SA charges can be substantial; the selling process can take a considerable amount of time; the public competition that is generated at an auction is removed; it requires more input and involvement by the seller

BUYER FINANCING & EXTENDED PAYMENT

From time to time SA may extend credit to the buyer to enable the purchase of lots at auction and/or aftersale. Please contact us for more information.

BIDDING AT AUCTION

All prospective bidders are required to register with SA in advance of the sale, although we occasionally may approve bidders during the course of the auction itself. We may require photo identification and bank references for registration, and in all cases we require an email address. By bidding at the auction, the buyer assumes personal responsibility to pay the purchase price bid, plus the buyer's premium and any additional charges that become due and payable in connection with the purchase of property. Approval of the bidder to bid is at the discretion of SA. Approval to participate in one auction does not guarantee approval to participate in any other auction. By registering for one of our auctions or purchasing from us after-auction/aftersale you grant us permission to inform you by email, postal mail, fax, telephone, or social media of our upcoming auctions and any subsequent after auction/aftersale events.

Please note that third-party on-line bidding companies, which allow bidders to participate in our auctions on a real time basis, have varying regulations and restrictions over which we have no control. For instance, one prominent third-party on-line bidding company will accept new accounts from bidders resident in six countries only (United States, Canada, United Kingdom, Ireland, Australia, and China). This particular restriction is beyond our control. However, another prominent third-party on-line bidding company accepts new accounts from bidders resident in over 100 countries. If you experience any difficulty in creating an account with a third-party on-line bidding company, please contact us and we will be happy to give you a referral to a company that can accommodate you.

We accept floor bids, absentee (advance/left/order) bids left directly with us before or during the auction, telephone bids during the auction, and internet bids (either left with a on-line bidding platform before or during the auction or bidding live during the auction). We do not accept unlimited/buy bids. If you wish to attend the auction, please contact us for the auction location.

For absentee/advance bids to leave with us directly, you can print out the bidder's form from our website and fax, email, or mail it to us, or you can call and/or email to leave bids directly with us. If you email bids to us, in your email please ask us to confirm receipt of same. Absentee/advance bids left with us cannot be withdrawn after one hour before the beginning of the auction. If the auction date should change, all absentee/advance bids that have been left with us for that particular sale will be honored and executed on your behalf during the auction on the rescheduled date, and said bids cannot be withdrawn by you. If you have questions on absentee/advance bidding, please feel free to call or email us.

To arrange telephone bidding, please consult the absentee/telephone bid form found at our web site and then call us. All lots in our auctions, regardless of pre-sale estimate prices, are available for telephone bidding. Please note, however, that if you are approved for telephone bidding you are expected to bid at least the published starting bid/opening price (generally the reserve) of the lot(s) you have registered to bid on. A limited number of telephones are available, so please sign up for telephone bids as soon as possible before the auction.

Registered bidders, whether on the floor, telephone, absentee/advance, or bidding live via the Internet, are responsible for all bidding activity on their account.

By submitting absentee/advance bids on-line the bidder authorizes the third-party on-line bidding company to instruct SA to bid up to the maximum amount left by the bidder with the on-line bidding company. If identical absentee/advance bids are received, the earliest bid received will prevail. SA assumes no responsibility for any errors resulting from executing bids or on-line technical difficulties. Absentee/advance bids left on third-party live auctions platforms are not the same as bids left with SA directly. They are executed from a proxy computer terminal in the room against bidders on the telephone, in the room, live Internet bidders, and absentee/advance bids with the auctioneer. Tie bids may occur between live auction bidding platforms absentee/advance bidders and other bidders. In the event of a tie bid, the auctioneer has sole discretion to award the lot to the high bidder of his or her choice, generally the floor bidder or a bidder who has left a bid directly with us and not through a third party.

SA at its discretion reserves the right to refuse participation in the auction by any bidder, whether on premises, participating on-line, by telephone, or through absentee/advance bid. SA reserves the right not to accept bids via Internet bidding for lots of high value. If you intend to bid on high value lots, please contact us before the sale. Please note that registrations may or may not be approved during the course of the sale.

SA does not allow live Internet bidding from floor bidders during its auctions. People in attendance at the auction are not permitted to use computers during the auction, including but not limited to laptops, iPads, iPhones, "smart phones" or any other type of electronic device that allows access to the Internet. Any bidding by a floor bidder via any of these methods will result in the immediate cancellation of the bidder's bids, the bidder being asked to leave the rooms immediately, and the denial of future bidding with SA by any method.

Internet bidding has limitations. Technical problems may prevent Internet bids from being entered or may interrupt the live bidding process. When this happens, the system may incorrectly clerk a winning bid to an Internet bidder. The auctioneer is the sole determiner of the winning bidder. Random bidding patterns may result in a floor bidder being awarded an item at an amount that matches an Internet bidder's previously entered maximum bid price. In this instance there is no mechanism for settling this issue based on which bid was entered first. Third-party bidding platforms do not reveal bid amounts. They only relay bids one increment at a time up to the maximum proxy bid amount which could, due to the back and forth of auction bidding, match the last bid entered by a floor bidder.

Your bid/purchase is a legally binding contract. Place a bid or make an offer only if you're serious about buying the item. If you are the successful and winning bidder/buyer, whether during or after an auction, you immediately have entered into a legally binding contract to purchase the property bid on/purchased from the seller. You should contact SA to resolve any questions before bidding.

On the fall of the auctioneer's hammer, title to the offered lot will pass to the acknowledged bidder. At that time, the buyer assumes all risk of loss and damage to the property, and in addition any obligations, costs, and expenses relating to the handling, shipping, insurance, tax, and export of property. The highest bidder acknowledged by the auctioneer shall be deemed the buyer. The successful buyer is obliged to accept and pay for the lot. Ownership only passes to the buyer when full payment has been received. The buyer, however, immediately assumes all risks when the goods are knocked down to him. In case of identical bids, determination of the winning bidder shall be left to the sole discretion of SA.

SA has the right, in its absolute discretion, to determine the conduct of the sale and the after-auction/after-sale and any private sale as it sees fit. It reserves the right to advance bidding, to reject bids, to combine lots, to split lots, to re-offer and resell lots, to withdraw lots before the actual final sale, and to award disputed lots to the bidder of its choice, both during and after the auction. In any such case, the judgment of SA is final, and shall be binding upon all participants.

In the case of a written bid, the bidder commissions SA to place bids on his behalf during the auction. In cases where there is a discrepancy between lot number and title/description in a written bid, the number shall prevail. We assume no responsibility for failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid. If requested prior to the sale, we will use reasonable efforts to contact the buyer by telephone to conduct a phone bid on the day of the sale, but we assume no responsibility for errors or omissions made in connection with any such arrangement. As a convenience to buyers who cannot be present on the day of the sale, we will use reasonable efforts to execute, on a competitive basis, bids left with us via the Internet, whether by absentee/advance or a live bidding program. We assume no responsibility for failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid.

All lots may be offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. SA may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. SA may continue to bid on behalf of the seller up to but not above the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. In no case will the reserve be higher than the published pre-sale low estimate.

The pre-sale estimates provided are intended as a guide to bidding. The figures are often educated guesses, generally based on recent values. A bid between the listed figures would, in our opinion, often have a chance of success (at the time when the catalogue was prepared). The estimates are exclusive of the buyer's premium, and may be revised at any time prior to the auction. The bidder shall be the sole judge of value, whether the lot is purchased during the auction or at after-sale.

Buyers are advised that there may be additional terms and conditions governing the use of Internet bidding platforms utilized by SA including, but not limited to, those providing for additional charges and fees relating to the execution of such bids. Buyers are therefore advised to familiarize themselves with any such terms and conditions prior to utilizing any Internet bidding service.

The sale generally will be conducted in the following increments:
From $0 to $99 = $10 increment
From $100 to $499 = $25 increment
From $500 to $999 = $50 increment
From $1,000 to 2,499 = $100 increment
From $2,500 to $4,999 = $250 increment
From $5,000 to $9,999 = $500 increment
From $10,000 and above = $1,000 increment or auctioneer's discretion

AFTER-AUCTION/AFTER-SALE SALES AND PRIVATE SALES

From time to time, registered bidders and private individuals may make offers on property consigned to or owned by SA. When making an offer on an unsold lot from a prior auction, or on any property owned by SA or offered for sale through SA by its consignors, whether the offer is made verbally in person, or by telephone, by mail, by email, by fax, or by any other method, and that offer is accepted by SA on behalf of its consignor or on behalf of its own account, the buyer has immediately entered into a legally binding contract, as if the purchase had been made during an SA auction, and the buyer is subject to all the duties and responsibilities of a successful auction bidder. Once an offer has been made by you and accepted by the consignor, you may not withdraw the offer without the consent of the consignor.

If you are making an offer on multiple lots, please submit your offer per lot, not a single bulk purchase price for a number of lots. Please submit a "hammer price" offer, to which we will add the buyer's premium as applicable.

These T&C shall govern any private sale of property by us not made through auction, including all transactions conducted after an auction, heretofore and hereinafter referred to as after-auction, after-sale, aftersale, post-sale, private sale, private treaty purchase(s), or other similar terms, and by purchasing any object from SA you agree to be immediately bound by these T&C. These transactions may include objects not offered for sale in the immediately prior auction as well as any objects that SA has in its possession, whether consigned to SA or owned outright by SA, that SA is offering for sale. All private and after-auction/after-sale purchases are subject at SA's discretion to the respective buyer's premium, as applicable, as well as all costs related to shipping and handling.

PAYMENT

We offer a FIVE PERCENT (5%) DISCOUNT from the total invoice amount (hammer and premium) if payment is made by check or wire transfer. Upon the fall of the auctioneer's hammer, the buyer assumes all risk of loss and damage to the property, and in addition, any obligations, costs, and expenses relating to the handling, shipping, insurance, tax, export, and storage of property. Buyers are required to pay for purchases immediately following the auction unless other arrangements have been made in advance of the auction. Payments must be made in US Dollars. A buyer's premium (a surcharge that a winning bidder is required to pay in addition to the auction hammer price) of 24 1/2% on the hammer price will be paid by the purchaser on lots sold for $74,999 or less and 19 1/2% on lots sold for $75,000 or more. All purchases picked up by the buyer, or shipped by us within the state of Arizona, will be subject to state sales tax unless the buyer has provided us with a valid certificate of exemption from such tax. Purchases shipped outside of Arizona are not subject to sales tax.

We accept cash (day of sale only), money orders, cashiers checks, personal and corporate checks, wire transfers, and credit/debit cards (Visa/MasterCard only). For CREDIT/DEBIT CARD transactions, please call us and give us your details verbally; fax the details; or send card details in two separate emails or send an email with details in an attachment (for security reasons) to: [email protected]. No surcharge will be charged to the buyer for payments made via credit/debit card. We reserve the right to reject the use of credit/debit cards issued by a non-U.S.A. bank, as well as U.S.A. credit/debit cards with a non-U.S.A. billing address. Please send CHECKS to: Stanford Auctioneers, 530 East McDowell Road, Suite 107-239, Phoenix, Arizona, U.S.A. 85004. Please note that checks must be drawn on a U.S.A. bank in U.S.A. dollars. All checks, regardless of type, may be subject to a ten day hold. Returned checks are subject to a $30.00 returned check fee. For WIRE TRANSFERS please contact us for wire instructions. There is no fee charged for incoming wire transfers unless the amount wired to us is $1,000.00 or less; in this case please add $40.00 to the amount due. Please note that we DO NOT accept American Express, PayPal, Discover Card, MoneyGram, and Western Union. Electronic check or pre-established MOD (Money on Deposit) accounts are not available. Per our T&C, winning bidders must pay for their purchases immediately following the auction. Purchases over $2,500 may require payment by check, money order, cashier's check, or wire transfer. Please contact the auction house for further information.

If payment is made by the buyer with a credit/debit card (Visa or MasterCard), the buyer, by his or her acceptance of these T&C, waives his or her right to file a dispute involving a "chargeback" for the item(s) purchased using the Charge Card Association's/Visa's/MasterCard's "Reason Code 53: Not as Described or Defective Merchandise" or similar language. The buyer's sole remedy in instances where the buyer believes the item was not as described/catalogued is to follow the steps outlined under "Limited Warranty" in these T&C. Items are not returnable due to the condition of the item, as specifically outlined numerous times in these T&C. When successfully bidding on a lot(s) or purchasing from us aftersale/afterauction and using a debit/credit card to pay for the purchases, you hereby authorize us to retain the credit card information for a reasonable time period following the purchases, to facilitate later charges for shipping, further purchases, and so forth.

If after seven (7) days from the auction date, or the SA invoice date for after-auction/after-sale and private sale purchases, we have not received payment for lots purchased, we reserve the right, and you hereby grant us permission, to charge your credit/debit card on file for the payment due, which may include applicable shipping charges. If you make an offer in our aftersale, which offer is accepted by our consignor, we reserve the right to immediately charge your credit/debit card. Furthermore, by acceptance of these T&C, you agree that you will not dispute this payment with your credit/debit card issuing institution. Any charge made by SA under this provision shall be credited against all amounts owed to SA under the T&C, and shall in no way limit or restrict the exercise of SA's rights and remedies available at law or in equity with respect to payment of all other sums owed by the bidder to SA.

We reserve the right to delay delivery of any property until the clearance or collection of funds in connection with any payment and, in any event, ownership of the property shall not pass to the buyer until collection of funds has occurred. If you purchased lots during the auction via the Internet and if your invoice(s) are unpaid ten days after the auction date, we may file a dispute/non-paying bidder report with the Internet bidding platform company you used to place your bid(s), as well as other auction platform sites with which we are affiliated, in our sole discretion. If you fail to pay promptly as outlined above, we may impose Administrative Burden fees (the equivalent of collection fees) and add the total of these fees to your outstanding balance. The Administrative Burden fee also applies if you purchased lots during the sale directly with us (floor, absentee, telephone) or after the auction in our after-auction/after-sale or private sale periods.

Your successful bid is a legally binding contract. In the case of unpaid balances, we may enforce our legal rights through court action. If so, any costs incurred by SA in the preparation for court action (contact by SA with its attorneys, letter(s) from SA's attorneys to the non-paying bidder, etc.) are immediately accruable to the buyer and immediately due and payable by the buyer, even in the event that the matter does not end up in a court filing. These fees must be paid, in addition to the hammer price and premium of any lot(s) purchased, before the property is released to the buyer.

If immediately after the auction date we have not received payment for lot(s) purchased at auction, we reserve the right to cancel the sale of the lot(s) to the buyer. If after ten (10) days from the auction date we have not received payment for lot(s) purchased at auction, SA may, in its sole discretion, retroactively charge interest to the buyer from the date of the purchase(s) on the entire unpaid balance at the rate of twelve percent (12%) per annum. This amount is due and payable immediately and is added to all other outstanding balances and must be paid before any property is released to the buyer.

We may also report all outstanding unpaid balances to the buyer's applicable credit bureau(s) (Consumer Reporting Agency; Credit Reference Agency) including but not limited to the following countries, as follows:

United States: Experian, Equifax, TransUnion
United Kingdom: Experian, Equifax, Callcredit
Canada: Equifax, TransUnion, Experian
France: SCRL
Germany: Schufa, Creditreform
Australia: Veda Advantage
Mexico: Equifax, TransUnion
South Korea: KCB, KIS, NICE
Spain: Credinformacoes
Italy: Experian, CRIF, CTC
Austria: KSV
Ireland: Irish Credit Bureau
Netherlands: Equifax
Sweden: Soliditet AB, UC
Turkey: KKB

In some cases, SA may allow a winning bidder/buyer to pay a partial amount of the total amount due with a subsequent payment or payments necessary to pay the balance in full. After the initial partial payment(s), if at any time SA in its sole discretion determines that the bidder is unable or unwilling to complete the transaction by paying the balance in full, SA reserves the right to cancel/rescind the transaction and return the buyer's initial payment(s) (less any applicable fees and/or liquidated damages, up to and including the full amount of the partial payment made) to the buyer; or, SA may file suit against the buyer for non-payment; or, in the case of the purchase of multiple lots, SA, in its sole discretion, may choose which purchased lots will apply towards the partial payment(s) made and cancel the balance of the transaction. In any event, buyer shall have no recourse against SA or its consignors in these instances.

Auction lots, without exception, will be handed over only after payment has been made. Storage and dispatch are at the expense and risk of the buyer. Charges for dispatch, packing and insurance are billed separately. Unless buyer has arranged for shipping of fully paid for lots by SA, all property must be removed from SA's premises by the purchaser, at his expense, no later than fourteen (14) days following its sale, and if not so removed may accrue reasonable storage fees and/or interest at SA's discretion. If fully paid for property is not picked up, or buyer has not arranged for shipping by SA, within sixty (60) days following the auction/aftersale sale date, the property may be considered abandoned and forfeit and revert to the consignor or SA. Likewise, in the case of multiple purchases at auction and/or after-auction/after-sale or private sale, whether in previous or current auctions, whether on one invoice or several, where the buyer attempts to rescind part of the transaction, by choosing to pay for one lot(s) but not another/others, the buyer's fully paid for property may be considered abandoned and forfeit and revert to the consignor or SA, if the entire amount of the buyer's purchases are not paid for within sixty (60) days following the auction/aftersale sale date.

All property purchased by the buyer, whether at auction and/or in an after-auction/after-sale or private sale, whether in previous or current auction(s) and/or after-auction/after-sale or private sale, must be paid for in full before any of the property is released to the buyer. In the case of multiple purchases at auction and/or after-auction/after-sale or private sale, whether in previous or current auctions, whether on one invoice or several, the buyer may not rescind part of the transaction, by choosing to pay for one lot but not another. All purchases of any kind from all prior and current auctions whatsoever must be paid in full by the buyer and then all purchases will be released in full to the buyer.

The buyer is liable for acceptance of goods and for payment. In case of delayed payment the purchaser will be held responsible for all resultant damages, in particular interest and exchange losses. In such an event, SA reserves the right to annul the purchase contract without further notice, and to claim damages from the buyer for non-fulfillment. Accordingly, SA may re-auction the goods at the buyer's expense, in which case the buyer is liable for any loss incurred. The buyer shall have no claim if a higher price has been achieved. The buyer will not be permitted to bid on the re-offered lot.

In certain instances, either prior to or subsequent to a purchase, SA, in its sole discretion, may extend credit to the buyer to enable the buyer to either purchase lots, or, after a purchase, to pay for the lots.

ADMINISTRATIVE BURDEN FEES

In the event of non-payment by the successful winning bidder, whether bidding during the auction or in after-auction/after sale or private sale, in its collection efforts to secure payment in full, SA may incur necessary costs. In its sole discretion, SA may impose the following costs on the non-paying bidder:
1. Re-sending via email the buyer's initial invoice ($15.00 each time sent).
2. Sending of collection-type emails or letters ($25.00 each time sent).
3. Telephone calls to the non-paying bidder ($50.00 each phone call).
4. Filing of a dispute about the non-payment with the on-line bidding company ($25.00).
5. Lifting of the dispute with the on-line company once payment is secured ($25.00).
6. Declining the non-paying bidder from participating in future auctions ($25.00).
7. Blocking the non-paying bidder from participating in future auctions ($25.00).
8. Lifting of the decline (if applicable) once payment is secured ($25.00).
9. Lifting of the block (if applicable) once payment is secured ($25.00).
10. Posting of the non-paying bidder's name to the appropriate area of the on-line bidding company's website ($25.00 each website).
11. Filing a report with any or all credit reporting agencies, whether domestic or foreign ($50.00 each Bureau).
12. Communications to and from SA's attorneys and/or collection agency regarding non-payment:
a. Emails: $50.00 minimum each email.
b. Faxes: $50.00 minimum each fax
c. Telephone calls: $75.00 minimum each call

The above fees are due and payable on demand, and are added to the buyer's invoice. Until these fees are paid, no property will be released to the buyer. By acceptance of these T&C, buyer authorizes SA to charge immediately the buyer's credit card for the above fees as the cost(s) is (are) incurred by SA. In the event that SA sues buyer in court for non-payment of the balance due, any unpaid costs will be added to court costs, attorney's fees, etc. in the eventual judgment against the buyer.

RESCISSION OF SALE DUE TO ADVERSE CLAIM

If we become aware of an adverse claim by a third party relating to property purchased by the buyer, either prior to or subsequent to the payment and/or delivery of the lot(s) to the buyer, we may, in our discretion, immediately rescind the sale. In the case of fully paid for and delivered goods, the buyer will promptly return the property to us and we will refund the hammer price and the buyer's premium with respect to the property. This refund will represent the buyer's sole remedy against us and/or the consignor in case of a rescission of sale under this paragraph.

RESCISSION OF SALE DUE TO MISSING, DAMAGED, OR LOST LOT(S)

Occasionally we may be unable to locate certain sold lots which have been purchased during or after an auction. In addition, unknown to us, certain lots may have been damaged during the preview period. These lots may or may not have been paid for by the buyer. If we become aware that a lot or lots is missing, lost, or damaged, we may, in our discretion, immediately rescind the sale, and you agree to hold us harmless for this action. In the case of "fully paid for" missing, lost, or damaged lots, we will refund the hammer price and the buyer's premium with respect to the property to the buyer. This refund will represent the buyer's sole remedy against us and/or the consignor in case of missing or lost lots under this paragraph.

SHIPPING

SA ships both domestically and internationally at the request of its customers. While you are more than welcome to arrange for your own shipping, in most instances we can ship for you. Our experience is that in almost every case it will be less expensive to ship with us rather than one of our preferred local shippers, but there is no guarantee of this in your case. Generally we ship in order of payment, so the sooner the invoice is paid, the sooner the material is shipped. Only qualifying lots qualify for in-house shipping, and generally consist of unframed flat art (paintings, prints, posters, photographs, etc.) and generally do not include sculpture, antiques (especially furniture), and other three dimensional objects, including framed paintings, prints, posters, and photographs, especially of large size. Please inquire prior to the auction date as to which lots are qualifying. If you wish to arrange your own shipping, we would be happy to provide names of local shippers. Due to the high number of lots we sell, we are unable to deliver items to your shipper; they have to pick the items up from us. We may require a written release from you prior to releasing lots to outside shippers.

If we ship for you, buyer pays a minimum $17.50 packing charge per package regardless of the size or value of the item(s), plus our actual cost for the packing materials or $5.00, whichever is greater, plus the actual shipping cost, which, depending on your choice, may or may not include insurance on the lot(s). Please note that these three items are charged in every case regardless of the hammer price of the lot, so please keep this in mind when bidding on lower price estimated lots. If you purchase multiple lots in the auction and/or at after-auction/after-sale or private sale, we combine the lots for shipping purposes, charging only one packing and materials fee per package, and shipping at actual cost. However, if you purchase multiple lots and we are unable to pack all of your items in one package, we may change an additional $17.50 for packing and $5.00 for materials for EACH package. Generally sculptures are shipped in individual packages; rarely do we ship two sculptures in one package.

If we are shipping for you and you pay by credit card, we generally charge your credit card initially for the purchase price of the lot(s) (hammer price plus buyers premium) and then for the shipping when the final costs have been determined. If you pay by credit card, we may require that the shipment be made to the credit card billing address. In the event that SA ships internationally for the buyer, and encounters particularly burdensome, time consuming, or onerous customs forms, SA may charge a minimum $25.00 fee for completion of said forms. You are responsible for all duties, customs fees, and taxes.

We ship via United Parcel Service (UPS) and United States Postal Service (USPS) for domestic shipments and UPS/USPS/DHL for international shipments. Under no circumstances do we ship via FedEx, either domestically or internationally, even using your own FedEx account number. If you wish to ship FedEx, you MUST use an outside shipper. When shipping via UPS we require a signature upon delivery, unless advised in writing by you that no signature is necessary. Please note that UPS may charge us additional fees after a shipment has been initiated and we have quoted and charged you for shipping costs (e.g. a re-routing/delivery change request fee initiated by you to deliver to a different address). These fees are passed along to you, and you hereby authorize us to charge your credit card for these charges. We are unable to accept your UPS account number to ship for you. If you wish to use your UPS number, you must use an outside shipper.

While many shipments will be shipped within several days after each auction and/or aftersale, please note we are a traditional auction house, not an eBay or Amazon seller, and generally offer over 600 lots per auction, so if you wish us to ship for you please allow up to 15 to 25 working days from the DATE OF RECEIPT OF CLEARED FUNDS for your item(s) to LEAVE our location. If you prefer to receive your auction items and/or aftersale purchases on a timelier basis, or to organize shipping for lots that do not qualify for in-house shipping, please contact us for a list of local shipping agents. Any shipping services provided or arranged by us are at the buyer's sole risk and expense; we assume no responsibility for any errors or omissions in connection with any such service and/or our referral to outside shippers, who are solely responsible for their own performance. Purchases shipped out of state are exempt from sales tax.

It is incumbent upon the winning bidder to contact us regarding shipping of items. It is not the responsibility of SA to contact the winning bidder regarding shipping. Once we have shipped your material, or it is picked up by your outside shipper, we assume no responsibility for the shipment's arrival at its destination or its condition on arrival. We suggest you purchase insurance if available to cover any missing or damaged goods. If an insurance claim becomes necessary the bidder/receiver is responsible for the follow-up with the shipping company. We are unable to provide any assistance beyond providing you with the shipment date and tracking number if applicable.

Please note that Mexican masks and Mexican sculpture may be shipped from our Mexico City office. Depending on where you are located, you may incur lower or higher shipping costs than if the shipment was initiated from our Phoenix office. Please inquire before you bid if you have any questions on the shipment of Mexican material.

Our policy is to ship material with a signature required on delivery. Your signature then becomes proof of delivery for all items purchased by you and included by us in the shipment, and buyer has no recourse against SA for supposed missing and/or damaged items, whether or not we include a packing list with the shipment, and whether or not we indicate in any communication (such as email) what material is in the package. We are happy to refer you to an outside shipper who may have different shipping policies than we do. You are not required to ship your purchased material through SA.

RELEASE OF AUCTION LOTS

SA endeavors to release, on a timely basis, fully paid for lots to the buyer and/or the buyer's agent. Lots paid for with what SA considers cleared funds will be released and can be picked up on the day of the auction. Release of fully paid for lots after the auction, and for aftersale purchases, is dependant upon the quantity and variety of lots purchased by the buyer, the number of lots offered in the particular auction, demands of a particular holiday season, and SA's current staffing concerns, as well as other factors. SA strives to release property within a reasonable time period, and most lots will be available for pickup within ten business days from date of purchase.

LIMITED WARRANTY

All property sold by SA by any method of sale is sold AS IS, WHERE IS, under Caveat Emptor, and SA and its consignors make no guarantees, warranties, or representations, express or implied, with respect to the property or the correctness of the catalogue or other description(s) or the authenticity of ownership, physical condition, size, quality, rarity, importance, provenance, exhibition history, literature, or historical relevance of the property, or otherwise. However, the present auction IS NOT an "absolute auction" where property is sold to the bidder without limitations and/or contingencies.

Notwithstanding the above, we do warrant the authenticity of each lot catalogued in our auctions under the terms and conditions set forth below.

Unless otherwise indicated in the respective catalogue descriptions (which are subject to amendment by oral or written notices or announcements made by SA prior to the sale):
(a) With respect to autographed material (letters, historic documents, literary and musical manuscripts, and inscribed books), we warrant without time limit the authenticity of each lot catalogued herein; (b) With respect to books, maps and atlases, any print, poster, drawing, painting, gouache, watercolor, photograph, sculpture, ceramic, or antique, and any other works not included in (a) above, unless physical inspection would reveal self-evident lack of authenticity, we warrant, subject but not limited to the Cataloguing Practices paragraph above, for a period of sixty (60) days from the date of the sale, the authenticity of each lot catalogued herein.

Except as noted above, or unless otherwise indicated in the respective catalogue description, we warrant for a period of thirty (30) days from the date of sale to the original buyer of record, that each book or manuscript is complete in text and illustration and generally is in physical condition as may be reasonably expected considering the age and provenance. This warranty does not cover damages to binding, stains or foxing, wormholes, short leaves of text or plates or any defect not affecting the completeness of the text. Moreover, this warranty does not cover the lack of inserted advertisements, blank leaves, cancels, or subsequently published volumes.

Serial publications, books in original parts, extra-illustrated books, made up "albums," and lots described as sold "as is, where is," "sold not subject to return," "not collated," "collection of" or "group of," and any lot containing more than three (3) items, are sold "as is, where is" and therefore not covered by these warranties. Books, manuscripts, prints, paintings, posters, drawings, photographs, signatures, or any other property offered in a lot comprising more than three (3) items, whether or not such items are individually named, constitute "Grouped Lots." Such "Grouped Lots" are not subject to return for any reason.

The benefits of these warranties are not assignable and are applicable: (a) only to the original buyer of the lot; (b) only when the property has been fully paid for; (c) only when the original buyer of the lot makes full payment within seven calendar days of the date of sale; (d) only when the buyer notifies SA in writing within sixty (60) days of the date of sale by registered USPS mail at SA's address of record of buyer's challenge of the authenticity of the item (email and verbal communications do not suffice); and (e) are conditioned on the buyer returning the work in the same condition in which it was received at time of sale and in the time period specified. The buyer's sole remedy under these warranties shall be the rescission of the sale and refund of the original purchase price paid for the item (hammer price and buyer's premium only, not to include shipping, customs duties, framing, expert opinions, or any other ancillary costs), and this remedy shall be exclusive and in lieu of any other remedy which might otherwise be available to the buyer as a matter of law. With respect to autographed material or any book, portfolio, map, atlas, print, poster, drawing, painting, gouache, watercolor, photograph, sculpture, ceramic, antique, or any other object offered for sale, in the event that a buyer claims that an item is not authentic, SA shall have no obligation to rescind the sale until the following have been complied with and completed:

1. The buyer has obtained, at the buyer's sole expense, the written opinions of two independent, recognized experts in the field, who are mutually agreeable to SA and the buyer, that a lot or portion thereof is not authentic. Verbal opinions are not accepted. The written opinion must be in the English language. If the initial written opinion is in a language other than English, an original certified translation into English of the document must accompany the opinion. Two opinions are necessary: while we respect the activities and opinions of authentication boards, foundations, trusts, spouses, and descendants of the artist's work in question, their opinion(s) may be mistaken and may be clouded or guided by other agendas.
2. SA, in its discretion, may require that the experts personally examine the object in question and not rely solely on images of the object provided to the experts via email, postal mail, CD-ROM, etc.
3. In their written opinions, the experts must give a detailed rationale as to why they believe the object to be not authentic. The opinion must be addressed personally to SA at its posted place of business, be written on the expert's letterhead, and include the expert's full name, mailing address, telephone number, fax number if any, email address, website address if any, the date the opinion was rendered, and the fact that the object was personally inspected by the expert. The opinion letter must be signed by the expert with an original, autograph signature. If the expert is not self-employed and is employed by an entity such as a foundation, corporation, etc., the expert must submit the opinion on the entities' letterhead, with a statement as to whether the opinion expressed is that of the entity, the expert, or both.
4. SA may contact the experts directly and, in its sole discretion, make contact through mail, email, and/or telephone. Refusal by the expert to communicate by the means of SA's choosing may render the expert's opinion invalid. SA may require supporting detail, sources, references, certificates and/or letters of authenticity, sales records, written testimony, provenance, and the like, in addition to the experts' personal opinions and rationale.
5. The experts must provide to SA a detailed listing of their qualifications in their field and explain how and why they are qualified to give an expert opinion on the object. The experts must disclose to SA any existing relationships with the buyer, which may include personal relationships, business relationships, etc. The experts must state in their opinion that they have read the applicable sections of these T&C pertaining to their examination of the object(s), including but not limited to Description and Condition of Lots, Cataloguing Practices, Provenance Documentation, and Limited Warranty.
6. Original copies of the experts opinions, with original autograph signatures of the experts affixed thereto, must be provided to SA. We do not hold the expert(s) harmless and reserve the right to seek recourse against the expert(s) in the case of collusion and related instances.
7. The physical object in question must be returned to SA in its original sale condition, as sold to the buyer, before the rescission is completed.
8. The process outlined above in paragraphs one through seven (1-7) must be completed and the documents submitted to SA by the buyer within sixty (60) days of buyer's notification to SA of buyer's challenge to the authenticity of the object, or the Warranty is voided.
In its sole discretion, SA may require the buyer to sign a release form before disbursement of any funds to the buyer. This form may include certain confidentiality provisions. Failure of the buyer to sign this release may result in cancellation of any refund previously intended for the buyer.

In every case, the object in question is presumed authentic as catalogued unless and until proven otherwise through the above described mechanism. The absence of the object from any monograph and/or catalogue raisonne of the artist's work is not prima facie proof that the object is not authentic.

Notwithstanding the above, in the case of a justified claim (determined in our sole discretion), however, we will accept the responsibility, without legal obligation, to make a claim for restitution on behalf of the buyer against the consignor within a period of sixty (60) days, running from the fall of the hammer or the invoice date, whichever is earlier. If SA is successful in recovering the funds from the consignor, which were paid to the consignor for the purchased goods, then there is a successful claim, and SA will refund the hammer price plus premium to the buyer. Any ability of the buyer to acquire, before, during, or after the fact of purchase, same, like-kind, or similar objects to those purchased through SA at a price lower than the SA purchase price DOES NOT constitute a justified claim.

SA may in its sole discretion allow the return of purchased property. If it chooses to do so, the returned property is subject to a re-stocking fee equal to 20% of the total amount paid for the property, or $100.00, whichever is greater. This amount will be deducted from the amount paid to the buyer, which amount will be paid in a timely manner.

INTELLECTUAL PROPERTY

All materials including, but not limited to, content, images, photographs, data and intellectual property in all past, present, and future printed and on-line catalogues published by SA may be protected by digital watermark technology and are the property of SA and/or the copyright holder(s) of images. The copying or duplicating of any item in these catalogues including, but not limited to, images or data is strictly prohibited and violators will be pursued and prosecuted to the full extent of state, federal and international law including, but not limited to, the Digital Millennium Copyright Act.
SA grants a limited license to access and make personal use of these catalogues. Such license does not permit the downloading or modification of these catalogues or their contents, or any portion of an individual catalogue or its content, without the express written consent of SA. This license does not permit the resale or commercial use of these catalogues or their contents; the collection and use of product listings, descriptions, or prices; derivative use of these catalogues or their contents; downloading or copying of information for the benefit of another merchant; data mining, robots, or similar data gathering and extraction tools. These catalogues or any portion of them may not be reproduced, duplicated, copied, sold, resold, visited, or otherwise exploited for any commercial purpose without the express written consent of SA. Framing techniques to enclose trademarks, logos, or other proprietary information (including images, text, page layout, or form) of SA is also not permitted without express written consent. Any unauthorized use terminates the permission or license granted by SA.

Notwithstanding the above, SA has the right to use, in its catalogues and in advertising and promotional materials, images (including photographic images) of items being sold or that have been sold in its auctions, including all images of items which have been purchased through SA, whether by auction, after-auction/after-sale, or private sale.
By acceptance of our T&C, you acknowledge that you have read and will at all times comply with SA's Intellectual Property section.

DIGITAL MILLENNIUM COPYRIGHT ACT

Pursuant to article 201.38 of the Interim Regulation, SA's registered agent is as follows: Legal Name and Address: Stanford Auctioneers, 530 E. McDowell Road, #107-239, Phoenix, Arizona, 85004 USA; Names doing business under: Stanford Auctioneers; Designated Agent: Joseph Stanford; Address of agent: Stanford Auctioneers, 530 E. McDowell Road, #107-239, Phoenix, Arizona, 85004 USA; Email for notice: [email protected]. This information is provided to help owners of intellectual property report potentially infringing items in SA catalogues, under the notice requirements of the Digital Millennium Copyright Act.

COPYRIGHT NOTICE

The entire contents of SA's website, and all of SA publications in any format, including but not limited to these T&C, are copyright ©2014 Stanford Auctioneers, the copyright including, but not limited to, print media, electronic media, microfiche, microfilm, CD-ROM, computer data storage, text, images, trademarks, data, audio files, video files and clips, software, documentation, descriptions of auction lots, and Internet formats (collectively, the "Materials"). The Materials are proprietary to SA or its licensors. SA retains all rights, including copyright, in the Materials. Copyright and other proprietary rights may be held by individuals or entities other than, or in addition to, SA. All rights reserved, including the right of reproduction in whole or in part in any form.

All rights to any and all publications of SA and its website will be vigorously defended.

All images contained in SA's written or on-line catalogues or in any other publication by us in whatever form, including our website, shall remain the property of their respective owners, and the buyer of any object from SA shall have no right of ownership, use, or reproduction of any such material by virtue of any purchase of property or otherwise.

You are not permitted to distribute, modify, transmit, reuse, repost, or use any text or graphic material from any publication of SA or from its website for public or commercial purposes, without the prior written permission of SA. This especially includes, but is not limited to, art price and art data reporting companies and their respective on-line Internet databases, whether for-profit or non-profit, as well as on-line Internet art information and art reference sites.

No part of any of SA's publications in any format or its website may be reproduced, transmitted or used in any form or by any means - graphic, electronic, or mechanical, including photocopying, recording, typing, or by any information and storage retrieval system or otherwise - without the prior written permission of SA.

SA's publications in any format and its website are creative works fully protected by all applicable copyright laws, as well as by misappropriation, trade secret, unfair competition, and other applicable laws. The authors and editors of SA's publications and its website have added value to the underlying factual material therein through one or more of the following: unique and original selection, compilation, coordination, expression, arrangement, classification of the information, totality of information, and other contributions, without limitation.
You should assume that everything you see or read in any catalogue or publication of SA and its website is copyrighted unless otherwise noted and may not be used without the prior written permission of the copyright holder.

ERRORS AND OMISSIONS

SA is not responsible for typographical errors or omissions.

LIABILITY

IN NO EVENT SHALL WE BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR AUCTIONS, OUR SERVICES, THE FAILURE OF ANY BID OR PRICING INFORMATION TO BE TRANSMITTED TO OR RECEIVED BY YOU IN A TIMELY MANNER, THE INTERRUPTION OF ANY DATA TRANSMISSION, AUDIO OR VIDEO BROADCAST, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the limitation of liability, so the foregoing limitation may not apply to you.

FUTURE TERMS

SA may change, add or remove any part of its T&C at any time. If it does so, SA will post such changes on its website. IF ANY FUTURE CHANGES ARE UNACCEPTABLE TO YOU, YOU SHOULD DISCONTINUE BIDDING AT OUR AUCTIONS OR BUYING FROM US AFTER-AUCTION/AFTER-SALE OR BY PRIVATE SALE. YOUR CONTINUED USE OF OUR SERVICES NOW, OR FOLLOWING THE POSTING OF NOTICE OF ANY SUCH CHANGES, WILL INDICATE YOUR ACCEPTANCE OF THE T&C, AND OF ANY SUCH CHANGES.

GENERAL

(a) Stanford Auctioneers' mailing address is 530 E. McDowell Road, #107-239, Phoenix, Arizona 85004 USA; Email: [email protected]; website: www dot stanfordauctioneers dot com. Our public office hours are Monday through Friday, 11:00am to 3:00pm, Phoenix time. We are closed weekends and holidays. (b) If any provision of these T&C is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. In our sole discretion, we may assign this. (c) Headings are for reference purposes only and do not limit the scope or extent of such section. (d) Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches. We do not guarantee we will take action against all breaches of these T&C. (e) We may amend the T&C at any time by posting the amended terms on our website. These T&C sets forth the entire understanding and agreement between us with respect to the subject matter hereof.

GOVERNING LAW

By making a bid, either verbally in the auction, or by telephone, or written by letter, or fax, or email, or via the Internet, or making a bid or offer in an after-auction/after-sale or private sale, the bidder confirms that he has taken notice of these T&C by auction, after-auction/after-sale, and private sale and accepts them. Agents who act on behalf of a third party are jointly and separately liable for the fulfillment of this contract on behalf of their principals. These conditions of sale will also apply to all purchases made out of this catalogue, past sale catalogues, or non-catalogued goods, after the regular sale. The rights and obligations of the parties shall be governed by the laws of the State of Arizona. All bidders and the purchaser submit to the personal jurisdiction of the Arizona State courts and their rules and procedures in case of any dispute.

NOTICES

Except as explicitly stated otherwise, legal notices shall be served on SA's registered agent.

JURISDICTION

The place of fulfillment and jurisdiction is Phoenix, Maricopa County, Arizona, United States of America.


[July 19, 2016]

(as of September 2014)

A. General Terms and Conditions - Auctions
B. General Terms and Conditions - Online Shop
C. Terms and conditions for obtaining a valuation
D. Glossary

- jointly referred to as : Terms and conditions -

of Auctionata AG,
Franklinstr. 13,
10587 Berlin, Germany,

represented by its Board Directors:
Alexander Zacke, Georg Untersalmberger, Jan Thiel, Susanne Zacke and Christof
Schminke

Chairman of the Supervisory Board: Dr. Christian Nagel
Company Registration Number HRB 155814 B ,
Registry Court: Local Court Berlin-Charlottenburg,
Value Added Tax ID No. DE 295683843

This text is only a translation from the German language. In case of doubt, the German version applies. The contractual language shall be German.

1. Preamble

Auctionata is an auction house which offers high-quality goods on the Internet. They are
auctioned off or offered for direct sale in the Online Shop. All auctions are transmitted in
real time via streaming technology. Auctionata offers second-hand goods from the fields of
art and antiques as well as sculptures, decorative art and design of the 20th century,
jewellery, rugs, memorabilia, collector's items, oriental artworks, tribal art, textiles, Islamic
art, postcards, paintings, works on paper and graphic prints, numismatics, postage stamps,
silver, porcelain, glass and ceramics, contemporary art and photography, rare wines and
liquors, antique books, autographs, placards, vintage fashion, accessories, musical
instruments, watches, vehicles, coins and many other luxury goods.
Moreover, Auctionata offers valuations of second-hand art items and luxury goods.

Integral parts of this Terms and Conditions shall be the Overview of Fees in their currently valid version as well as the tabular listing of the increments specified by Auctionata.

Important:

Please note that this website allows you to purchase goods from Auctionata Beteiligungs AG or Auctionata, Inc. - a wholly owned US subsidiary of Auctionata Beteiligungs AG. Both organizations operate with different Terms and Conditions.

Before any purchase via this website you will have to take notice and have to accept the respective Terms and Conditions which apply for your purchase!

The Terms and Conditions below apply for all purchases of goods at auction or via the online shop in which Auctionata Beteiligungs AG acts as the seller.

For all purchases of goods at auction or via the online shop in which Auctionata, Inc. acts as the seller, these terms and conditions apply.

The transaction details can be determined from information on the lot detail page.

A. General Terms and Conditions - Auctions

1. General provisions

1.1 All offers, purchase agreements, deliveries and services based on and in connection with auctions organized by Auctionata, including through the www.auctionata.com website or any other website operated by Auctionata (hereinafter "auctions") shall be governed by these General Terms and Conditions.

1.2 In the auctions, Auctionata sells items on consignment, i.e. Auctionata assumes the role of seller for the owner of the items (hereinafter "Consignor") by selling items in its own name on behalf of the owner ("Commission-based Transaction"). Auctionata holds an official authorization for auctioneering according to Section 34b German Industrial Code (GewO).

1.3 The auctions are public auctions according to Sections 474 Paragraph 2 Sentence 2, 312g Paragraph 2 Nr. 10 German Cívil Code (BGB). A right of revocation does not apply for purchase agreements closed with the fall of the hammer.

1.4 Our offerings are intended merely for consumers and business persons who have turned 18 years of age, i.e. only for adults. In the event that the customer only then becomes an adult after turning 18 years of age in the country where he resides, then the customer may only then register when he is considered to be an adult in the country where he resides. The offering and sale of alcohol are directed solely to persons who have reached the age required under law at their residence for the purchase of alcohol. The handover of bought alcohol happens only, if the recipient shows the proof of the age required under law before the handover.

1.5 Auctionata reserves the right to exclude customers from an auction if their residence/delivery address is located in a country in which the goods that are being offered cannot be imported and Auctionata has knowledge of this and if doubt exists about the customer's identity or his creditworthiness.

1.6 Auctionata reserves the right to limit the number of goods which a customer may acquire. Thus, for example, it may be demanded that acquired goods must be paid for before the customer may continue to bid or buy.

1.7 The customer's general terms and conditions shall not apply, even if Auctionata has not expressly rejected these in individual cases.

1.8 Auctionata may employ third parties as vicarious agents for the purpose of fulfilling the Agreement. The customer hereby consents to this in advance.

1.9 Employees of Auctionata are not allowed to bid at auctions by Auctionata or to buy goods for auctions, which are entrusted to Auctionata (cf. Section 34b Paragraph 6 Number 2 Alternative 2 German Industrial Code (GewO)).

2. Sale by Auction

2.1 Auctions operated by Auctionata are based upon the English auction model. With this auction form, the price is successively increased by the submission of at least one bid above the starting price.

2.2. Auctionata will hold the auction at its own discretion. An auctioneer will conduct the auction for Auctionata in the auction room and is in charge of the proceedings. He or she will conduct the auction, read out the auction announcements (at the beginning of the auction) and accept the winning bid. The auctioneer will accept the winning bid in accordance with his/her duties at his discretion in all cases.

If the auctioneer makes the decision to end the auction, then he shall count off the following phrase to all persons who have entered the virtual auction room "Highest bid going once…, highest bid going twice…., highest bid going thrice…". Then the current bid price shall be announced by the auctioneer. The auctioneer may only then announce the acceptance of the winning bid if no higher offer has been submitted after the highest bid is repeated three times.

2.3 Auctionata requires consent to these Terms and Conditions and the announcement before the participation in an auction.

3. Auction catalog and viewing

3.1 The items presented in the auction catalog can be viewed by customers for at least two hours at Auctionata's premises by appointment.

3.2 Goods to be sold at Auction will be presented in an auction catalog (at least two weeks before the Auction). The lot number, estimated value and starting price for each item will be listed here.

3.3 Our customers shall have no entitlement to bid for particular items presented in the auction catalog because the items are presented subject to the proviso that an owner may withdraw his items up until the start of the Auction. Furthermore, Auctionata shall be entitled to withdraw items from the auction before the winning bid is accepted without stating reasons.

3.4 Auctionata shall be entitled to conduct the Auction in a different order to the order of the lot numbers as stated in the auction catalog. Auctionata shall further be entitled to offer several items shown separately in the auction catalog together as one lot, or to divide a lot containing several items.

4. Participation in an Auction

4.1 As a rule, items can be purchased at auction by participating in the auction in Auctionata's auction room. The customer may participate in an auction in person through his presence in the Auctionata auction room, (although the number of participants may be limited by Auctionata,) or may be represented at the auction. The customer may also participate in the auction via means of communication such as letter, fax, telephone, email, or his user account on the Auctionata website.

4.2 Online absentee bids, written purchase orders and bids by telephone shall constitute a commissioning of Auctionata by the customer to place bids on his behalf and to enter into a purchase agreement with Auctionata if he places the winning bid. In this respect, the customer authorizes Auctionata to place bids on his behalf and to enter into the purchase agreement resulting from the winning bid. In this respect, Auctionata is granted an exception from the provision of Section 181 of the German Civil Code (BGB) by the customer.

a) The following shall apply to online absentee bids and written purchase orders (together referred to as "purchase orders" or referred to singularly as "purchase order"):

Auctionata shall remain free to reject requests or to cancel accepted requests up until the winning bid is accepted at its own discretion
Commissioning shall always be restricted to the item specified in the order form (in accordance with the specified lot number) and the specified maximum purchasing limit (i.e. the maximum price to be bid)
The maximum purchasing limit must not be lower than the starting price. The maximum purchasing limit will only be exhausted if there is another bidder. If no one else bids on the relevant item, the customer's bid will automatically be accepted at the starting price. To clarify: The specified maximum purchasing limit relates only to the purchase price excluding the buyer's premium, contribution to the resale royalty right , shipping and shipping insurance costs and statutory VAT; Auctionata shall charge extra for these in accordance with figure 8.1
The order form may not be used to communicate other messages to Auctionata going beyond the distinct purchase order. Under no circumstances will Auctionata take messages of this kind noted on purchase orders into account. Auctionata reserves the right to reject the purchase order in such cases
The customer may cancel the purchase order in writing (fax, letter, email) up to 72 hours before the auction begins without citing reasons. Such cancellation is permissible up to 72 hours before the auction begins. Cancellation later than 72 before the auction begins, or after the auction has begun, is excluded in principle; it may be permitted in individual cases at the discretion of Auctionata, however. In cases of cancellation, Auctionata shall be entitled to charge an administration fee in accordance with the schedule of fees for the Auction for each item specified in the purchase order. The customer reserves the right to provide evidence of lower damages.
If, despite having submitted a purchase order, the customer wishes to bid in the Auction simultaneously by using his user account or by telephone, for example, he or she must inform Auctionata of this in writing (fax, letter or email) at least 24 hours before the start of the Auction. If the customer does not comply with his announcement, Auctionata shall be entitled to carry out the order as stipulated in the order form. If the customer made such notification towards Auctionata, but actually does not perform accordingly meaning does not bid at auction, Auctionata shall be entitled to treat the notification as a cancelation of the purchase order with the related costs.

b) The following shall apply to bids by telephone:

Auctionata shall remain free to reject requests or to cancel accepted requests up until the winning bid is accepted at its own discretion
Commissioning shall always be restricted to the item specified in the order form (in accordance with the specified lot number)
Auctionata will contact the customer by telephone before the items specified in the order form are auctioned using the contact details provided by the customer. If Auctionata is unable to make contact, despite having made three attempts to do so, Auctionata will implement the order concerning the items specified in the order form in the same way as a written purchase order, i.e. Auctionata will place bids up to the starting price. If no one else bids on the relevant item, the customer's bid will automatically be accepted at the starting price. To clarify: The winning bid at the starting price relates only to the purchase price excluding the buyer's premium, contribution to the resale royalty right, shipping and shipping insurance costs and statutory VAT; Auctionata shall charge extra for these in accordance with figure 8.1.
During the telephone conversation, the telephone bidder must state that he or she accepts these general terms and conditions and has acknowledged the auction announcements. The conversation may be recorded by Auctionata for documentation purposes; the caller will be informed of this in advance. Auctionata reserves the right to reject bids placed by telephone or to make the consideration of a bid conditional upon the payment of a deposit or a creditworthiness check
The customer may cancel the purchase order in writing (fax, letter, email) up to 72 hours before the auction begins without citing reasons. Such cancellation is permissible up to 72 hours before the auction begins. Cancellation later than 72 before the auction begins, or after the auction has begun, is excluded in principle; it may be permitted in individual cases at the discretion of Auctionata, however. In cases of cancellation, Auctionata shall be entitled to charge an administration fee in accordance with the schedule of fees for the Auction for each item specified in the purchase order. The customer reserves the right to provide evidence of lower damages.

4.3 During the auction, bids from customers present in the auction room, but also bids placed via communication means such as letter, fax, telephone, email or the user account on Auctionata's website will be considered, which may result in a bidding process between the bids placed in the auction room and the written purchase order placed, for example, but also between two written purchase order or a bid placed by telephone or via the user account on Auctionata's website.

Auctionata reserves the right to do not to accept bids or bids or to make the consideration of a bid dependent upon a down payment and/or the provision of security or credit report information.

4.4 Only verified customers are allowed to participate in an auction.

4.5 In the case that technical problems prevent the continuation of an already running auction the following shall apply:

All winning bids that were made before the arising of the technical problems shall remain valid.
All items from a weekly auction which have not yet been auctioned off shall be auctioned off at a later point in time.
If a special auction is affected, the auction shall be continued at a later point in time. All persons who were in the auction room at the time that the auction was suspended or have used communication means such as letter, fax, telephone, email or the user account on Auctionata's website shall be notified of the new time for the auction in writing via email and the time for the new auction shall be published one week in advance on the websitewww.auctionata.com or any other website operated by Auctionata.

5. User account

5.1 A user account can be set up free of charge and does not oblige the user to participate in an auction. No entitlement to a user account shall exist. A user account allows a customer to submit simultaneously bids in an Auction via the internet. Additionally, it allows a customer to submit online absentee bids via the internet.

5.2 In order to set up a user account, the following data must be provided truthfully by the customer:

Surname, First Name
Email address
Residential address (or deviating shipping address)
Telephone number

Every change of the above mentioned data has to be reported without request via email, fax, letter or by telephone to Auctionata. The user account for a legal identity has to be registered by its legal representative. The user account is personal which means that only individuals are allowed to create the user account and only the registered person is allowed to use it. The user account is not transferrable.

5.3 The customer must specify a password for his user account. The password must be kept secret and reasonable measures must be taken to prevent non-authorized use.

5.4 If there are indications that a customer is infringing laws, rights of third parties or Auctionata's General Terms and Conditions, Auctionata shall be entitled to temporarily block the user account or to delete it permanently. The above shall also apply even in the event that Auctionata has another legitimate interest in the deletion of the user account. This shall be the case particularly if fraudulent activities have taken place. In the event that the user account has been blocked or deleted, the respective owner is prohibited from using Auctionata's services via a user account. In particular, this includes setting up and using a new user account.

5.5 A client may have deleted his user account at any time by asking Auctionata's Customer Service Division to delete it. The Customer Service Division shall delete the data within three working days.

5.6 During the live auction, the current high bidder will be shown to the auction audience. Visible will be the country of residence, the bidding paddle number and the first name of the user. The first name will be anonymized upon request of the user.

6. Verification

6.1 Before the participation in an auction, Auctionata verifies the persons who want to participate in it. Auctionata is therefore entitled to verify the identity of a customer before his participation in an auction. Customers are verified, if their identity has been proven towards Auctionata. This is especially the case, if:

Customers have concluded a consignment agreement with Auctionata,
Customers have already purchased goods in the Online Shop and have paid and accepted the items or have picked up items subject to the presentation of an ID,
Customers are personally known to Auctionata,
Customers have been verified by means of a copy of an ID, via credit card, via a credit agency or via the provision of security and/or bank information and, as required, also can document their credit reference.

6.2 Auctionata is entitled at any time to make each bidding process dependent upon the provision of security, bank information, information from a credit agency or via the blocking of a certain volume of the credit card limit.

7. Formation of the purchase agreement

7.1 Each bid relating to an item constitutes an offer to enter into a purchase agreement and is therefore legally binding. The purchase agreement concerning an item offered shall be formed and binding when the winning bid is accepted. Placing the winning bid shall oblige the customer to pay the purchase price and to accept the item.

7.2 In order to be effective, bids must correspond with the bidding increments stipulated by Auctionata. The increments specified by Auctionata in the bidding increments table shall form an integral part of these General Terms and Conditions. If a bid does not correspond with the increments specified by Auctionata in the bidding increments table, Auctionata shall be entitled to round down the bid to the next lowest bidding increment for it to be effective.

7.3 The priority principle shall apply when considering bids, i.e. if there are two bids of equal value, the earlier bid will always be considered. If two bids of equal value are placed at the same time, lots will be drawn to decide which bid has priority.

7.4 Auctionata shall be entitled to overturn a winning bid after it has been accepted and to continue the auction of the item if there is doubt as to the identity of the offer or, or other doubt concerning the winning bid. If it is established after the winning bid has been accepted that the purchase agreement with the highest bidder is to be rescinded because he or she is not able to pay for the auctioned item, Auctionata shall be entitled at its own discretion to offer the goods to the underbidder in writing at the last price offered by him or her (email shall suffice). Auctionata shall be bound by the offer for five days. The offer must be accepted in writing by fax, email, letter or by telephone.

7.5 The winning bid will be accepted after the auctioneer has said: "Going once for …, going twice for …, going three times for …, sold!" The auctioneer will state the current purchase price each time. The auctioneer will accept the winning bid if no higher bid has been placed after the highest bid has been announced three times.

7.6 Auctionata is entitled at its own discretion to reject bids from a bidder during the auction where it has reasons to presume a lack of seriousness, and to ask bidders to pay for the items they have already purchased or to pay a deposit before allowing them to bid on other items.

7.7 The bidder bids and purchases in his own name and for his own account. He or she may be represented by a representative, however, after giving notice in writing (email, fax or letter).

7.8 The items will be offered and auctioned in their condition when the winning bid is accepted.

7.9 Auctionata shall be entitled to accept the winning bid under reserve, if the highest bid on an item is below the item's minimum selling price agreed on with its consignor ("limit agreement"). In the case of placing the winning bid under reserve, the validity of the purchase agreement (cf. Clause 7.1 of the Terms and Conditions) is dependent on the condition that the consignor approves the sale at hammer price within a period of 8 (eight) days after the auction. If the consignor does not approve the sale at hammer price within the aforementioned period, a valid purchase agreement has not been established. In this case, the highest bidder will be notified. If a limit agreement has been concluded on an item, Auctionata will mark the item on the product page with the text note "limit agreement".

8. Prices

8.1 On top of the purchase price determined by the winning bid, Auctionata will charge the buyer's premium, contribution to the resale royalty right (where applicable), shipping and shipping insurance costs and for any additional services statutory VAT. Therefore, bids placed for items during an auction shall always relate to a price excluding the buyer's premium, contribution to the resale royalty right, shipping and shipping insurance costs and statutory VAT. The same applies to the prices stated in the auction catalog. Further information about the purchase price can be found in the List of Fees for Buyers, whereupon the respective current version shall apply.

8.2 Further information about shipping and shipping insurance costs can be found in the List of Fees for Buyers, whereupon the respective current version shall apply. These costs shall not apply if collection of the goods has been agreed to in writing (email shall suffice) with Auctionata in exceptional cases.

Deliveries to non-EU countries are subject to additional custom duties and import tax. Further Information to custom duties and import tax can for example be found here:

http://www.zoll.de/DE/Home/home_node.html;jsessionid=BA5864B4CA08BA56593274FD649E3105

8.3 The contribution to the resale royalty right refers to the legal obligation for the resale royalty in case of the resale of fine arts and photographs in the art market. The goods affected will be labeled accordingly in the auction catalog. Further information about the contribution to the resale royalty right can be found in the List of Fees for Buyers, whereupon the respective current version shall apply.

9. Taxation

4.1 As a rule, value-added tax will be applied using the "taxation on the margin" scheme pursuant to Section 25a German Value-Added Tax Act (UStG) (margin scheme re Articles 313, 326 or 333 of the EC VAT Directive 2006/112/EC). In other words, the legally mandated rate of VAT will be applied only to the following components of the "purchase price" as defined under Clause 3.1: the buyer's premium, the resale rights tax, and the costs of shipping/transport insurance. "Taxation on the margin" is a special type of tax treatment provided by law for commerce in used merchandise. In this case, the amount of VAT will not be separately itemized on the invoice. Thus, no deduction of input tax will be possible.

4.2 The Buyer may explicitly request that, in deviation from Clause 4.1, VAT be applied to the invoice in the standard manner. The amount of VAT due will then be assessed based on the total invoice amount and separately itemized on the invoice. Deduction of input tax will be possible in this case.

4.3 Taxation on the margin pursuant to Clause 4.1 above may not be applied to goods marked as subject to "standard taxation" in the Online Shop (i.e. goods consigned subject to standard VAT, goods imported from a non-EU country from a tax perspective). In this case, the legally mandated rate of VAT will be included in the invoiced price.

4.4 For deliveries to the rest of the Community Territory of the EU (intra-Community deliveries), businesses may request a VAT-exempt invoice pursuant to Section 6a German Value-Added Tax Act (UStG) by providing their VAT ID number to prove their commercial status.

4.5. For deliveries outside the European Union (export deliveries to a Non-EU Country from a tax perspective), the Buyer may request the issuance of a VAT-exempt invoice in accordance with Section 6 German Value-Added Tax Act (UStG). The purchaser will be responsible for paying tax and customs duties on the delivered goods in accordance with local regulations in the destination country.

10. Warranty; condition

10.1 The warranty period for consumers will be two years from the date of delivery of the item. For business owners and for purchasers of a used item, the warranty period will be one year from the date of delivery of the item.

10.2 An item's auction catalogue description will define the characteristics contractually agreed for that item insofar as the catalogue description relates to the item's authorship, manufacturer, date of manufacture/creation, technique of fabrication or affixed signature. The information provided on the item's provenance, by contrast, will be expressly excluded from the contractually agreed characteristics. If an announcement made in connection with an auction contains representations regarding an item's authorship, manufacturer, date of manufacture/creation, technique of fabrication and/or affixed signature and these representations deviate from the corresponding catalogue description, then the announcement will prevail in this regard. If, during an auction, the auctioneer makes oral representations regarding an item's authorship, manufacturer, date of manufacture/creation, technique of fabrication and/or affixed signature and said representations deviate from the corresponding catalogue description, then the auction catalogue will invariably prevail. If, during an auction, an expert not employed by Auctionata makes oral representations regarding a given item, then these are to be regarded as personal opinions/appraisals of the expert for which Auctionata assumes no liability.

10.3 Since items offered at auction are generally used items, their individual condition will specifically include signs of prior usage and other traces of age. Thus, a given item's actual and individual state of conservation - as shown and described in the auction catalogue - will be deemed to form part of its contractually agreed characteristics. Insofar as the auction catalogue describes an item as exhibiting blemishes, damage and/or defects which no longer correspond to the normal condition of a used item and which are likely to fundamentally reduce the value of the item, then this information will also be deemed part of the contractually agreed characteristics, so that no warranty will be assumed in this regard. The prospective purchaser will have the option to view items before an auction in accordance with Clause 3.1.

10.4 Deviations between an item's actual shade of color and the one shown in the auction catalogue, insofar as they result from the photographic techniques used (e.g. lighting and/or sharpness of the image) or from the manner in which the item is pictured in the auction catalogue, will be deemed immaterial and will not represent a defect. This will not apply, however, if the deviation in color is due to negligence on the part of Auctionata.

10.5 If an item's catalogue description explicitly includes a caveat or restriction regarding the reliability of the information provided, then said information will not form part of the agreed characteristics. In this case, the purchaser will purchase the item at his own risk as far as the information in question is concerned. If a catalogue description explicitly refers to an item as a "copy" (e.g. as a "museum copy"), then the item in question will be deemed purchased as a copy and not as an original, thereby precluding any warranty for defects in this regard. If the catalogue description explicitly describes or designates an item as being "of doubtful authenticity", then said item will be deemed purchased not as an original but as an "item of doubtful authenticity", thereby precluding any warranty in this regard. Inasmuch, neither the starting auction price nor the final hammer price of an item can be used to draw inferences about the actual characteristics or authenticity of that item.

10.6 The transaction will be unwound in accordance with the relevant statutory regulations. Accordingly, each Party must first of all return any benefits it has received under the contract. In other words, Auctionata must reimburse the purchaser for the purchase price paid, while the purchaser must return the purchased item(s) to Auctionata. A different procedure will be followed in the event that an item returned by the purchaser has deteriorated or perished in the meantime, whereby deterioration resulting from the item's proper use will be disregarded. In this case, the debtor must,as a rule, pay compensation for the item's value in lieu of returning it (cf. Section 346 Paragraph 2 Number 3 German Civil Code (BGB)). The item's purchase price will be used as the basis for calculating its replacement value. The relevant statutory warranty regulations will also apply in this context; this means, for example, that the purchaser may also demand abatement of the purchase price.

10.7 If, based on the foregoing provisions, a situation arises in which the purchaser is not entitled to any warranty claim, whereas Auctionata is entitled to claims against the consignor, then Auctionata will be obligated to assert its claims against the consignor. If such claims are asserted successfully, the purchaser will be entitled to receive disbursement of the sums recouped up to the amount of the purchase price.

11. The Auctionata Guarantee

11.1 In accordance with the guarantee declaration set forth below in this Clause 11 ("Auctionata Guarantee"), Auctionata guarantees that the descriptions provided in the auction catalogue correspond to the generally recognized state of technical/scientific knowledge publicly available at the time of the item's purchase with respect to the following agreed characteristics:

a) the identity of the artist or manufacturer; and
b) the time of creation or manufacture of the item.

If any of the above elements of an item's catalogue description are provided subject to a caveat, or are identified as having been determined by external experts not employed by Auctionata, or are missing from the catalogue description altogether, then the information in question will not be covered by the Auctionata Guarantee. The Auctionata Guarantee applies only to the information referenced above under a) and b), but not to any other information, e.g. regarding the item's provenance, technique of fabrication, serial classification, numbering or edition.

11.2 If a catalogue description explicitly refers to an item as a "copy" (e.g. as a "museum copy"), then the item in question will be deemed purchased as a copy and not as an original, and will thus not be covered by the Auctionata Guarantee in this respect. Likewise, if the catalogue description explicitly describes or designates an item as being "of doubtful authenticity", then said item will be deemed purchased not as an original but as an "item of doubtful authenticity" and will thus not be covered by the Auctionata Guarantee in this respect.

11.3 The Auctionata Guarantee will apply for a period of 25 years from the time of handover of the purchased item. After this deadline, all claims under the Auctionata Guarantee will lapse. The purchaser must notify Auctionata in writing about any warranty claim within 6 months of the claim's discovery, while also providing legitimate grounds for the claim along with reliable, supporting documents or a reputable expert opinion. If he fails to comply with the foregoing, the purchaser will lose recourse to the rights granted under the Auctionata Guarantee.

11.4 In the event of a dispute between Auctionata and the purchaser about whether or not a guarantee event has occurred, an expert arbitrator will decide the dispute. Legal action may not be initiated over a dispute - nor any related claims asserted - until after the expert arbitrator has issued his opinion or, in the case of legal proceedings in accordance with Section 319 German Civil Code (BGB) German Civil Code), until after said proceedings have been concluded in a conclusive, non-appealable manner. Either Party will be entitled to make a written request for the appointment of an expert arbitrator, whereupon the Parties will have 4 weeks to agree on who will serve as arbitrator. If the Parties fail to reach agreement within this time, either Party will be free to make a written demand that the expert arbitrator be appointed by the Bundesverband der Kunstsachverständigen e.V (German Federation of Art Experts) or by some comparable organization. The expert arbitrator must be a publicly appointed and sworn expert in the field of fine art. The arbitrator must be independent and impartial. The arbitration opinion must be prepared in writing. The sole decision-making benchmark to be applied by the arbitrator is the generally recognized state of technical/scientific knowledge in the relevant area of expertise that was publicly available at the time the items under dispute were purchased. The Parties will present their arguments in oral hearings before the arbitrator insofar such hearings are ordered by the arbitrator or requested by both Parties. In all other respects, the arbitrator will define the arbitration procedures to be followed at his discretion. The findings and decisions of the expert arbitrator will be binding on both Parties. A judicial review will take place only in the context of Section 319 German Civil Code (BGB). The arbitration opinion must be issued in writing along with supporting reasoning. This supporting reasoning must include the key assumptions upon which the expert based his evaluation. If the arbitration opinion upholds the purchaser's side in the dispute, Auctionata will bear the costs and expenditures associated with the arbitrator. If the arbitration opinion does not uphold the purchaser's side in the dispute, the purchaser will bear the costs and expenditures associated with the arbitrator. If the expert arbitrator is unable to reach a decision (or unable to decide with near certainty) as to whether or not a guarantee event has occurred, then the guarantee event will be deemed inexistent. In this case, the costs of the arbitrator will be shared equally between the Parties. In all other respects, each Party will bear any sundry costs that it incurs. Thus, own costs incurred in connection with the arbitration opinion, such as attorney's fees, will be borne by the respective Party.

11.5 If Auctionata acknowledges the warranty event, or if the purchaser prevails in the dispute as a result of the arbitration opinion, Auctionata will be obligated to unwind the purchase transaction in accordance with Section 346 et seqq. German Civil Code (BGB) within a period of 6 months. The Auctionata Guarantee will not entitle the purchaser to assert any further claims, particularly claims for damages or expense reimbursement.

11.6 The Auctionata Guarantee is highly personal in nature; i.e. it is not assignable, either contractually or statutorily, and will not pass to the purchaser's legal successors (if any) by way of universal succession.

11.7 The Auctionata Guarantee will in no way prejudice the purchaser's statutory warranty rights in the event of defects. Thus, the rights granted under the Guarantee will exist alongside the warranty rights of the purchaser without in any way limiting the latter. The Auctionata Guarantee will apply to all customers of Auctionata worldwide. The legal guarantor in this context will be Auctionata Beteiligungs AG, Kurfürstendamm 212, 10719 Berlin, Germany.

12. Catalogue descriptions

For purposes of Auctionata's liability pursuant to Clauses 10 and 11 herein, the following definition of terms will apply with respect to the attribution data provided in the catalogue:

a) "Attributed to": Although Auctionata and/or at least one recognized, external expert believe(s) this to be a work by the artist's own hand, Auctionata - despite its well-founded presumption - cannot definitively warrant that this is the case for specific reasons: e.g. because there is an opposing view in the expert community, or because attribution is not conclusively provable or is rendered difficult due to special circumstances.

b) "Workshop of": Although the work comes from the workshop of the artist, and is thus directly influenced by him, it does not come from the hand of the artist himself, but from another hand.

c) "Circle of": Although the work was directly and clearly influenced by the artist and was created during, or shortly after, the artist's lifetime, it does not come from the hand of the artist himself, but from another hand.

d) "Disciple of": Although the work was influenced by the artist, it was probably created without any direct or indirect contact with the artist himself. Thus, it comes from the hand of a "disciple" - either a contemporary of the artist or someone living in a later period - whose aim was to imitate the artist's original style.

e) "School": The work cannot be attributed to any particular artist. It can, however, be attributed to a particular artistic milieu, geographical area, and/or epoch (e.g. "Dutch School of the 17th Century").

f) "Period" or "century": The work cannot be attributed to any particular artist. It can, however, be attributed to the specified historical period or specified century.

g) "In the style of", "in the fashion of ", "in the manner of", "in the genre of": Although the work was created in the style of the specified artist or period, it definitely comes from the hand of a different artist and from a different period.

h) "Signed": The term "signed" merely refers to a characteristic of the work and makes no claim as to its purported attribution or authenticity.

i) "After": The work is a copy of a particular work. The original is known and was created by a known hand, whilst the copy comes from a different hand.

13. Liability beside purchase law

Auctionata shall only be liable in cases of intention and gross negligence; the aforementioned shall not apply in the event that express guarantees are assumed (figure 11), or in the event of damages resulting from injury to life, body or health, or in the event of mandatory legal provisions. In the event that significant contractual obligations are breached, or in the event of debtor's delay or impossibility of payment or performance for which Auctionata is responsible, Auctionata shall be liable for each case of culpable conduct, however. Liability for compensation of indirect damage, and particularly for lost profit, shall only arise in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata. The amount of Auctionata's liability shall be limited to the damage typically foreseeable at the time of entering into the agreement, except in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata.

14. Retention of title

The items shall remain the property of the respective Consignor until they are paid for in full. To protect the consignor, the items will not be shipped until payment has been received in full (receipt of payment).

15. Terms of payment

15.1 The purchase price for the items purchased is to be paid in advance. The customer must pay the purchase price immediately upon receipt of the invoice in PDF format. Payment on delivery is excluded. The customer may effect payment by bank transfer, PayPal or credit card. Auctionata shall not charge any fees for this.

15.2 A buyer shall enter into payment default if he has not rendered payment within 10 days after the payment due date and receipt of an invoice; the relevant date is the date that Auctionata receives the payment into its account. Section 286 Paragraph 4 German Civil Code (BGB) remains unaffected. In the event of payment default, the purchase price of Buyers who are consumers shall accrue interest during the payment default period in the amount of 5% points above the respectively valid base lending rate (in accordance with the statutory directives published by the German Central Bank) plus the statutory VAT. For an entrepreneur, the interest during the payment default period shall be 8% points above the base lending rate plus the statutory VAT. The interest shall be calculated per year and charged to the current account.

15.3 If the purchaser delays in making payment, Auctionata may withdraw wholly or partially from the agreement in accordance with the statutory provisions after granting an extension period of seven days, and demand damages (Section 325 of the German Civil Code (BGB)), which may include, specifically, storage costs, the buyer's premium as well as the seller´s premium.

15.4 The purchaser shall be deemed in default with acceptance of the item if he or she does not accept the item after two delivery attempts, or does not collect the item from the deliverer after it is deposited within the statutory period set by the deliverer, or does not collect the item from Auctionata or the deliverer on the agreed date two times in succession.

In the event of a delay in acceptance, Auctionata may wholly or partially withdraw from the agreement in accordance with the statutory provisions. When rescinding the purchase price payment transaction, Auctionata may offset the amount against any entitlement to compensation. This may include, in particular, the expenses incurred through default and through the reduction of the proceeds in the event that the item is auctioned again, and the auction fees associated with this.

When rescinding the purchase price payment transaction, the purchaser must provide his valid bank account details to Auctionata. If he or she fails to comply with this request, the amount will be deposited with the court after 90 days have passed at the purchaser's expense.

16. Delivery or collection, delivery periods, damage during shipping

16.1 Unless expressly agreed otherwise in writing, Auctionata will ship the sold items to the purchaser and the purchaser will pay the costs of shipping and shipping insurance in accordance with figure 8.2.

16.2 If agreed expressly in writing (by letter, fax or email) in individual cases, the purchaser can also collect the items from Auctionata in Berlin or from the Consignor at its own expense and risk on request and by appointment.

Collection is only possible if the items have been paid for in advance. The day on which the money arrives in Auctionata's account shall be determinative. Cash payment upon collection is not possible. Upon collection, the purchaser must prove his identity by showing his identity document, which will be copied. If the purchaser sends a representative to collect the item, he or she must announce this by letter, fax or email. In this case, the representative must also prove his identity. The item must be collected at the agreed time. If the purchaser culpably fails to uphold the appointment, default of acceptance in accordance with figure 14.4 shall apply.

16.3 Auctionata will only ship the items when they have been paid for in full (receipt of payment). The delivery period shall be 14 days after receipt of payment in the case of deliveries within the EU, and 21 days for deliveries to countries outside the EU. Delivery periods can be postponed, especially in case of goods which are related to the protection of species and cultural assets, because of official requirements for the ex- and import (for example export and import licenses). Auctionata shall not be liable for delays based on aforementioned circumstances. It is at the expense of a buyer, if a successful delivery to the buyer is not possible due to import regulations. This means that the buyer has to ensure before the conclusion of a purchase agreement with Auctionata that import regulations do not interfere a successful delivery.

16.4 If the purchaser is a business entity, shipping will take place at its own risk; for consumers, the statutory provisions shall apply, i.e. under no circumstances shall the consumer bear the risk of conveyance during shipping.

16.5 If, immediately upon receipt of the item, it should be discovered that the item has suffered severe damage during shipping, the customer should retain the packaging as evidence, since otherwise proving that the damage occurred during transit is considerably more difficult for Auctionata or may even be impossible. Please contact us immediately in such a case.

17. Exemptions from liability

17.1 Auctionata shall not be liable for the timely and correct submission of orders, bids and messages to Auctionata. Auctionata shall not, therefore, be held liable for the provision of a free telephone line and a functioning fax and Internet connection. Auctionata shall assume no liability whatsoever for the permanent availability of the Auctionata website.

17.2 Auctionata occasionally has to limit the operation of its website in order to perform maintenance work on the system or where this is required in order to perform technical security measures. During these times it is may be that the website of Auctionata is not accessible.

17.3 Auctionata accepts no liability should the website of Auctionata be limited in its functionality or destroyed through force majeure, strike, system malfunction or other external factors. Auctionata shall not be liable for loss or damage incurred through the lack of usability or inaccessibility of the website of Auctionata.

17.4 Auctionata accepts no liability for the unauthorised access of third persons to person details of Consignors (e.g. by hackers) unless Auctionata wilfully or through gross negligence failed to protect the data against access.

18. Data protection

Auctionata's privacy statement shall apply.

19. Amendments to the terms and conditions and final provisions

19.1 Auctionata reserves the right to amend the provisions of these terms and conditions with future effect at any time without citing reasons. Auctionata will announce such amendments on its www.auctionata.com website or by email. The amendments shall be deemed to have been accepted if the customer does not object to them within two weeks of receiving notice, or if he or she makes use of Auctionata's services again after the agreement has been amended. Auctionata shall present these terms and conditions to every customer before every Auction, so that amendments can be acknowledged before the conclusion of an agreement. If a customer objects to the amendment, Auctionata shall be entitled to terminate the agreement with the customer.

19.2 Third parties may enter into this agreement in place of Auctionata and wholly or partially assume the resulting rights and obligations subject to six weeks' prior notice. The customer hereby consents to this in advance.

19.3 The place of performance for all of Auctionata's performance obligations that are derived from the contractual relationships between the contractual parties shall be the commercial residence of Auctionata Beteiligungs AG in Berlin (Germany) if the contractual partner is an business person. The statutory provisions of the place of performance shall apply to consumers.

19.4 The legal venue for all claims arising from the disputes from the contractual relationships between the contractual parties shall be - insofar as the contractual parties are business persons, legal persons under public law or special foundations under public law - the commercial residence of Auctionata in Berlin (Germany). However, Auctionata may also alternatively take legal action against the contractual partner at his general or any other permissible legal venue. This shall not be valid if mandatory legal directives prescribe another legal venue.

19.5 The law of German Federal Republic shall apply exclusively, with the exclusion of the United Nations Convention on Contracts for the International Sale of Goods (see also Article 2b CISC regarding auctions) for the contractual agreement and the resulting claims, regardless of the type and against whom they are asserted. This shall also apply to transactions against national borders.

19.6 Should one or more of the provisions of the Terms and Conditions be or become wholly or partly ineffective or should the Terms and Conditions be found to contain omissions, the validity of the remaining provisions shall remain unaffected. The parties undertake, in such cases, to replace the wholly or partly ineffective provision with one which.

19.7 We save the text of the sales contract and send you the ordering information per email Access to the Terms and Conditions is given on the website at any time. Further, a printed version of the Terms and Conditions can be downloaded in PDF format. The ordering information is not accessible via the internet due to security reasons.

B. General Terms and Conditions - Online Shop

1. General provisions

1.1 All offers, purchase agreements, deliveries and services based on orders by our customers through the www.auctionata.com website or any other website operated by Auctionata (hereinafter "Online Shop") shall be governed by these General Terms and Conditions.

1.2 In the Online Shop, Auctionata sells items on consignment, i.e. Auctionata assumes the role of seller for the owner of the items (hereinafter "Consignor") by selling items in its own name on behalf of the owner ("Commission-based Transaction").

1.3 As a general rule, items are purchased using a shopping basket system. Our customers shall have no entitlement to purchase particular items presented in the Online Shop because the items are presented subject to the proviso that an owner may withdraw his items. An owner has the right to withdraw his items until the formation of the purchase agreement via the shopping basket system.

1.4 Our offerings are intended merely for consumers and business persons who have turned 18 years of age, i.e. only for adults. In the event that the customer only then becomes an adult after turning 18 years of age in the country where he resides, then the customer may only then register when he is considered to be an adult in the country where he resides. The offering and sale of alcohol are directed solely to persons who have reached the age required under law at their residence for the purchase of alcohol. The handover of bought alcohol happens only, if the recipient shows the proof of the age required under law before the handover.

1.5 Auctionata reserves the right to exclude customers from shopping in Online Shop, if their residence/delivery address is located in a country in which the goods that are being offered cannot be imported and Auctionata has knowledge of this and if doubt exists about the customer's identity or his creditworthiness.

1.6 Auctionata reserves the right to limit the number of goods, which a customer may acquire. Thus, for example, it may be demanded that acquired goods must be paid for before the customer may continue to bid or buy.

1.7 The customer's general terms and conditions shall not apply, even if Auctionata has not expressly rejected these in individual cases.

1.8 Auctionata may employ third parties as vicarious agents for the purpose of fulfilling the Agreement. The customer hereby consents to this in advance.

1.9 Employees of Auctionata are allowed to buy items in the Online Shop.

2. Formation of the purchase agreement

2.1 As a general rule, items are purchased using a shopping basket system. An ordering via the shopping basket constitutes a binding offer from the customer to enter into a purchase agreement. The purchase agreement shall be formed when Auctionata sends the customer an order confirmation by an automatically send email. If this does not happen, the customer's offer shall be deemed to have been rejected.

2.2 If Auctionata permits the customer to submit a counter offer (proposed price) for an item, which may be lower than the sales price stated in the online shop, Auctionata will pass this on to the deliverer so that he or she can authorize the sale; no sale can take place without his consent. The customer shall be bound to his offer for five days. If several proposed prices are received, only the highest proposed price will be passed on. If Auctionata receives the Consignor's consent within the 5-day period, Auctionata will send the customer an order confirmation by email and a purchase agreement shall be formed as a result. At the same time, the purchased item will be labeled as sold in the online shop. If the Consignor does not declare his consent within the 5-day period, no purchase agreement shall be formed. The counter offer (proposed price) shall cease to be valid if a third party purchases the item for the sale price stated in the online shop using the shopping basket system before we have received the Consignor's consent. In this case, the purchase agreement shall be formed with the purchaser who is willing to pay the full price.

2.3 The purchaser shall receive an invoice and the text of the agreement in PDF format together with the order confirmation by email.

2.4 The purchaser may enter into the purchase agreement in German or in English.

3. Prices

3.1 The sales price of the respective items listed in the Online Shop includes the buyer`s premium, the contribution to the resale royalty right (if applicable) and for any additional services statutory VAT. Auctionata charges additionally to the aforementioned sales price the Transport Costs and Transport Insurance Costs (including VAT). Further information about the purchase price can be found in the List of Fees for Buyers, whereupon the respective current version shall apply.

3.2 Further information about shipping and shipping insurance costs can be found in the List of Fees for Buyers, whereupon the respective current version shall apply [direct link]. These costs shall not apply if collection of the goods has been agreed to in writing (email shall suffice) with Auctionata in exceptional cases.

Deliveries to non-EU countries are subject to additional custom duties and import tax. Further Information to custom duties and import tax can for example be found here:

http://www.zoll.de/DE/Home/home_node.html;jsessionid=BA5864B4CA08BA56593274FD649E3105

3.3 The contribution to the resale royalty right refers to the legal obligation for the resale royalty in case of the resale of fine arts and photographs in the art market. The contribution to the resale royalty right is concluded in the sales price. The goods affected will be labeled accordingly in the Online Shop. Further information about the contribution to the resale royalty right can be found in the List of Fees for Buyers, whereupon the respective current version shall apply.

4. Taxation

4.1 In principle, statutory VAT shall only be payable on the buyer's premium, the contribution to the resale royalty right, shipping and shipping insurance costs because the purchase price according to Clause 4.1 is subject to differential taxation for buyers residing in the EU. Differential taxation is a special form of taxation which is prescribed for the trading of second-hand items where it is not possible to deduct input tax. Thus statutory VAT is not stated.

4.2 By derogation from Clause 4.1, purchasers may request that an invoice is issued subject to standard taxation when purchasing second-hand items. A precondition for this is that the purchaser is entitled to deduct input tax.

4.3 If an item is labeled "RB" in the Online Shop, statutory VAT shall also be payable on the purchase price (a case of so-called "standard taxation").

For entrepreneurs may apply that the statutory VAT on the purchase price omits in the following cases:

From a tax perspective, all countries outside of the EU are considered third-party countries; in this case, no VAT shall be applicable. Where applicable, buyers from third-party countries must then pay customs duties and taxes on the supplied goods on-site. There are also exceptions in this regard. Among others, the Canary Islands are considered to be a third-party country known as the EU Special Zone.

For business persons who have purchased from Auctionata for commercial purposes, the VAT exemption shall likewise apply to deliveries within the EU if the buyer can document by means of his VAT ID No. that he will pay the VAT for the purchase of the item in his home country.

5. Revocation Instruction

Right to revoke

You have the right to revoke this contract within 14 days without giving any reason.

The revocation period will expire after 14 days from the day on which you acquire, or a third party other than the carrier and indicated by you acquires, physical possession of the goods.

To exercise the right to revoke, you must inform us (Auctionata Beteiligungs AG, Kurfürstendamm 212, 10719 Berlin, E-Mail: [email protected], Fax: +49 30 202 39 21 69, Tel: +49 30 610 80 61 10) of your decision to cancel this contract by a clear statement (e.g. a letter sent by post, fax or e-mail). You may use the attached model revocation form, but it is not obligatory.

To meet the revocation deadline, it is sufficient for you to send your communication concerning your exercise of the right to revoke before the revocation period has expired.

Effects of revocation

If you revoke this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us).

We will make the reimbursement without undue delay, and not later than 14 days from the day on which we are informed about your decision to revoke this contract.

We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement.

You shall send back the goods or hand them over to us, without undue delay and in any event not later than 14 days from the day on which you communicate your revocation from this contract to us. The deadline is met if you send back the goods before the period of 14 days has expired.

You will have to bear the direct cost of returning the goods. The cost is estimated at a maximum of approximately 100,00 EUR.

You are only liable for any diminished value of the goods resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the goods.

End of revocation instruction

________________________________________________________________________

Model revocation form

(If you like to revoke this contract, complete and return this form)

- To Auctionata Beteiligungs AG, Kurfürstendamm 212, 10719 Berlin, E-Mail: [email protected], Fax: +49 30 202 39 21 69, Tel: +49 30 610 80 61 10:

- I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]/for the provision of the following service [*],

- Ordered on [*]/received on [*],

- Name of consumer(s),

- Address of consumer(s),

- Signature of consumer(s) (only if this form is notified on paper),

- Date

____________________________

[*] Delete as appropriate.

________________________________________________________________________

6. Warranty; condition

6.1 The warranty period for consumers will be two years from the date of delivery of the item. For business owners and for purchasers of a used item, the warranty period will be one year from the date of delivery of the item.

6.2 An item's product description will define the characteristics contractually agreed for that item insofar as the product description relates to the item's authorship, manufacturer, date of manufacture/creation, technique of fabrication or affixed signature. The information provided on the item's provenance, by contrast, will be expressly excluded from the contractually agreed characteristics.

6.3 Since items offered in the Online Shop are generally used items, their individual condition will specifically include signs of prior usage and other traces of age. Thus, a given item's actual and individual state of conservation - as shown and described in the Online Shop - will be deemed to form part of its contractually agreed characteristics. Insofar as the product catalogue describes an item as exhibiting blemishes, damage and/or defects which no longer correspond to the normal condition of a used item and which are likely to fundamentally reduce the value of the item, then this information will also be deemed part of the contractually agreed characteristics, so that no warranty will be assumed in this regard.

6.4 Deviations between an item's actual shade of color and the one shown on the product page, insofar as they result from the photographic techniques used (e.g. lighting and/or sharpness of the image) or from the manner in which the item is pictured on the product page, will be deemed immaterial and will not represent a defect. This will not apply, however, if the deviation in color is due to negligence on the part of Auctionata.

6.5 If an item's product description explicitly includes a caveat or restriction regarding the reliability of the information provided, then said information will not form part of the agreed characteristics. In this case, the purchaser will purchase the item at his own risk as far as the information in question is concerned. If a product description explicitly refers to an item as a "copy" (e.g. as a "museum copy"), then the item in question will be deemed purchased as a copy and not as an original, thereby precluding any warranty for defects in this regard. If the product description explicitly describes or designates an item as being "of doubtful authenticity", then said item will be deemed purchased not as an original but as an "item of doubtful authenticity", thereby precluding any warranty in this regard.

6.6 If a defect is present, i.e. in the event of deviation from the contractually agreed condition of the item, and if documented written proof of the deficiency is presented within the warranty period in accordance with figure 6.1, the following shall apply to the rescinded transaction:

The transaction will be unwound in accordance with the relevant statutory regulations. Accordingly, each Party must first of all return any benefits it has received under the contract. In other words, Auctionata must reimburse the purchaser for the purchase price paid, while the purchaser must return the purchased item(s) to Auctionata. A different procedure will be followed in the event that an item returned by the purchaser has deteriorated or perished in the meantime, whereby deterioration resulting from the item's proper use will be disregarded. In this case, the debtor must,as a rule, pay compensation for the item's value in lieu of returning it (cf. Section 346 Paragraph 2 Number 3 German Civil Code (BGB)). The item's purchase price will be used as the basis for calculating its replacement value. The relevant statutory warranty regulations will also apply in this context; this means, for example, that the purchaser may also demand abatement of the purchase price.

6.7 If, based on the foregoing provisions, a situation arises in which the purchaser is not entitled to any warranty claim, whereas Auctionata is entitled to claims against the consignor, then Auctionata will be obligated to assert its claims against the consignor. If such claims are asserted successfully, the purchaser will be entitled to receive disbursement of the sums recouped up to the amount of the purchase price.

7. The Auctionata Guarantee

7.1 In accordance with the guarantee declaration set forth below in this Clause 7 ("Auctionata Guarantee"), Auctionata guarantees that the descriptions provided in the product descriptions correspond to the generally recognized state of technical/scientific knowledge publicly available at the time of the item's purchase with respect to the following agreed characteristics:

a) the identity of the artist or manufacturer; and
b) the time of creation or manufacture of the item.

If any of the above elements of an item's product description are provided subject to a caveat, or are identified as having been determined by external experts not employed by Auctionata, or are missing from the product description altogether, then the information in question will not be covered by the Auctionata Guarantee. The Auctionata Guarantee applies only to the information referenced above under a) and b), but not to any other information, e.g. regarding the item's provenance, technique of fabrication, serial classification, numbering or edition.

7.2 If a product description explicitly refers to an item as a "copy" (e.g. as a "museum copy"), then the item in question will be deemed purchased as a copy and not as an original, and will thus not be covered by the Auctionata Guarantee in this respect. Likewise, if the product description explicitly describes or designates an item as being "of doubtful authenticity", then said item will be deemed purchased not as an original but as an "item of doubtful authenticity" and will thus not be covered by the Auctionata Guarantee in this respect.

7.3 The Auctionata Guarantee will apply for a period of 25 years from the time of handover of the purchased item. After this deadline, all claims under the Auctionata Guarantee will lapse. The purchaser must notify Auctionata in writing about any warranty claim within 6 months of the claim's discovery, while also providing legitimate grounds for the claim along with reliable, supporting documents or a reputable expert opinion. If he fails to comply with the foregoing, the purchaser will lose recourse to the rights granted under the Auctionata Guarantee.

7.4 In the event of a dispute between Auctionata and the purchaser about whether or not a guarantee event has occurred, an expert arbitrator will decide the dispute. Legal action may not be initiated over a dispute - nor any related claims asserted - until after the expert arbitrator has issued his opinion or, in the case of legal proceedings in accordance with Section 319 German Civil Code (BGB), until after said proceedings have been concluded in a conclusive, non-appealable manner. Either Party will be entitled to make a written request for the appointment of an expert arbitrator, whereupon the Parties will have 4 weeks to agree on who will serve as arbitrator. If the Parties fail to reach agreement within this time, either Party will be free to make a written demand that the expert arbitrator be appointed by the Bundesverband der Kunstsachverständigen e.V (German Federation of Art Experts) or by some comparable organization. The expert arbitrator must be a publicly appointed and sworn expert in the field of fine art. The arbitrator must be independent and impartial. The arbitration opinion must be prepared in writing. The sole decision-making benchmark to be applied by the arbitrator is the generally recognized state of technical/scientific knowledge in the relevant area of expertise that was publicly available at the time the items under dispute were purchased. The Parties will present their arguments in oral hearings before the arbitrator insofar such hearings are ordered by the arbitrator or requested by both Parties. In all other respects, the arbitrator will define the arbitration procedures to be followed at his discretion. The findings and decisions of the expert arbitrator will be binding on both Parties. A judicial review will take place only in the context of Section 319 German Civil Code (BGB). The arbitration opinion must be issued in writing along with supporting reasoning. This supporting reasoning must include the key assumptions upon which the expert based his evaluation. If the arbitration opinion upholds the purchaser's side in the dispute, Auctionata will bear the costs and expenditures associated with the arbitrator. If the arbitration opinion does not uphold the purchaser's side in the dispute, the purchaser will bear the costs and expenditures associated with the arbitrator. If the expert arbitrator is unable to reach a decision (or unable to decide with near certainty) as to whether or not a guarantee event has occurred, then the guarantee event will be deemed inexistent. In this case, the costs of the arbitrator will be shared equally between the Parties. In all other respects, each Party will bear any sundry costs that it incurs. Thus, own costs incurred in connection with the arbitration opinion, such as attorney's fees, will be borne by the respective Party.

7.5 If Auctionata acknowledges the warranty event, or if the purchaser prevails in the dispute as a result of the arbitration opinion, Auctionata will be obligated to unwind the purchase transaction in accordance with Section 346 et seqq. German Civil Code (BGB) within a period of 6 months. The Auctionata Guarantee will not entitle the purchaser to assert any further claims, particularly claims for damages or expense reimbursement.

7.6 The Auctionata Guarantee is highly personal in nature; i.e. it is not assignable, either contractually or statutorily, and will not pass to the purchaser's legal successors (if any) by way of universal succession.

7.7 The Auctionata Guarantee will in no way prejudice the purchaser's statutory warranty rights in the event of defects. Thus, the rights granted under the Guarantee will exist alongside the warranty rights of the purchaser without in any way limiting the latter. The Auctionata Guarantee will apply to all customers of Auctionata worldwide. The legal guarantor in this context will be Auctionata Beteiligungs AG, Kurfürstendamm 212, 10719 Berlin, Germany.

8. Product descriptions

For purposes of Auctionata's liability pursuant to Clauses 10 and 11 herein, the following definition of terms will apply with respect to the attribution data provided in the catalogue:

a) "Attributed to": Although Auctionata and/or at least one recognized, external expert believe(s) this to be a work by the artist's own hand, Auctionata - despite its well-founded presumption - cannot definitively warrant that this is the case for specific reasons: e.g. because there is an opposing view in the expert community, or because attribution is not conclusively provable or is rendered difficult due to special circumstances.

b) "Workshop of": Although the work comes from the workshop of the artist, and is thus directly influenced by him, it does not come from the hand of the artist himself, but from another hand.

c) "Circle of": Although the work was directly and clearly influenced by the artist and was created during, or shortly after, the artist's lifetime, it does not come from the hand of the artist himself, but from another hand.

d) "Disciple of": Although the work was influenced by the artist, it was probably created without any direct or indirect contact with the artist himself. Thus, it comes from the hand of a "disciple" - either a contemporary of the artist or someone living in a later period - whose aim was to imitate the artist's original style.

e) "School": The work cannot be attributed to any particular artist. It can, however, be attributed to a particular artistic milieu, geographical area, and/or epoch (e.g. "Dutch School of the 17th Century").

f) "Period" or "century": The work cannot be attributed to any particular artist. It can, however, be attributed to the specified historical period or specified century.

g) "In the style of", "in the fashion of ", "in the manner of", "in the genre of": Although the work was created in the style of the specified artist or period, it definitely comes from the hand of a different artist and from a different period.

h) "Signed": The term "signed" merely refers to a characteristic of the work and makes no claim as to its purported attribution or authenticity.

i) "After": The work is a copy of a particular work. The original is known and was created by a known hand, whilst the copy comes from a different hand.

9. Liability beside purchase law

Auctionata shall only be liable in cases of intention and gross negligence; the aforementioned shall not apply in the event that express guarantees are assumed (Clause 7), or in the event of damages resulting from injury to life, body or health, or in the event of mandatory legal provisions. In the event that significant contractual obligations are breached, or in the event of debtor's delay or impossibility of payment or performance for which Auctionata is responsible, Auctionata shall be liable for each case of culpable conduct, however. Liability for compensation of indirect damage, and particularly for lost profit, shall only arise in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata. The amount of Auctionata's liability shall be limited to the damage typically foreseeable at the time of entering into the agreement, except in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata.

10. Retention of title

The items shall remain the property of the respective Consignor until they are paid for in full.

11. Terms of payment

11.1 The purchase price for the items purchased is to be paid according to the customer´s choice in advance or on account. For each order, Auctionata reserves the right to do not offer certain types of payments and to refer to different types of payment. A right to a certain payment shall not exist. In case of payment in advance, the customer must pay the purchase price immediately upon receipt of the invoice in PDF format. In case of payment on account, the purchase price shall be due for payment 21 days after the receipt of the written invoice. Payment on delivery is excluded. The customer may effect payment by bank transfer, PayPal or credit card (the credit card account will be debited on the following day after the ordering). Auctionata shall not charge any fees for this.

11.2 A buyer shall enter into payment default if he has not rendered payment within 10 days after the payment due date and receipt of an invoice; the relevant date is the date that Auctionata receives the payment into its account. Section 286 Paragraph 4 German Civil Code (BGB) remains unaffected. In the event of payment default, the purchase price of Buyers who are consumers shall accrue interest during the payment default period in the amount of 5% points above the respectively valid base lending rate (in accordance with the statutory directives published by the German Central Bank) plus the statutory VAT. For an entrepreneur, the interest during the payment default period shall be 8% points above the base lending rate plus the statutory VAT. The interest shall be calculated per year and charged to the current account.

11.3 If the purchaser delays in making payment, Auctionata may withdraw wholly or partially from the agreement in accordance with the statutory provisions after granting an extension period of seven days, and demand damages (Section 325 of the German Civil Code (BGB)), which may include, specifically, storage costs and the buyer's premium.

11.4 The purchaser shall be deemed in default with acceptance of the item if he or she does not accept the item after two delivery attempts, or does not collect the item from the deliverer after it is deposited within the statutory period set by the deliverer, or does not collect the item from Auctionata or the deliverer on the agreed date two times in succession.

In the event of a delay in acceptance, Auctionata may wholly or partially withdraw from the agreement in accordance with the statutory provisions. When rescinding the purchase price payment transaction, Auctionata may offset the amount against any entitlement to compensation. This may include, in particular, the expenses incurred through default and through the reduction of the proceeds in the event that the item is auctioned again, and the auction fees associated with this.

When rescinding the purchase price payment transaction, the purchaser must provide his valid bank account details to Auctionata. If he or she fails to comply with this request, the amount will be deposited with the court after 90 days have passed at the purchaser's expense.

12. Delivery or collection, delivery periods, damage during shipping

12.1 Unless expressly agreed otherwise in writing, Auctionata will ship the sold items to the purchaser and the purchaser will pay the costs of shipping and shipping insurance in accordance with figure 4.2.

12.2 If agreed expressly in writing (by letter, fax or email) in individual cases, the purchaser can also collect the items from Auctionata in Berlin or from the Consignor at its own expense and risk on request and by appointment.

12.3 At the purchase "cash with order" Auctionata will only ship the items when they have been paid for in full (receipt of payment). The delivery period shall be 14 days after receipt of payment in the case of deliveries within the EU, and 21 days for deliveries to countries outside the EU. Delivery periods can be postponed, especially in case of goods which are related to the protection of species and cultural assets, because of official requirements for the ex- and import (for example export and import licenses). Auctionata shall not be liable for delays based on aforementioned circumstances. It is at the expense of a buyer, if a successful delivery to the buyer is not possible due to import regulations. This means that the buyer has to ensure before the conclusion of a purchase agreement with Auctionata that import regulations do not interfere a successful delivery.

12.4 If the purchaser is a business entity, shipping will take place at its own risk; for consumers, the statutory provisions shall apply, i.e. under no circumstances shall the consumer bear the risk of conveyance during shipping.

12.5 If, immediately upon receipt of the item, it should be discovered that the item has suffered severe damage during shipping, the customer should retain the packaging as evidence, since otherwise proving that the damage occurred during transit is considerably more difficult for Auctionata or may even be impossible. Please contact us immediately in such a case.

13. Exemptions from liability

13.1 Auctionata offers no guarantees that the Online Shop will be permanently available.

13.2 Auctionata occasionally has to limit the operation of its website in order to perform maintenance work on the system or where this is required in order to perform technical security measures. During these times it is may be that the website of Auctionata is not accessible.

13.3 Auctionata accepts no liability should the website of Auctionata be limited in its functionality or destroyed through force majeure, strike, system malfunction or other external factors. Auctionata shall not be liable for loss or damage incurred through the lack of usability or inaccessibility of the website of Auctionata.

13.4 Auctionata accepts no liability for the unauthorised access of third persons to person details of Consignors (e.g. by hackers) unless Auctionata wilfully or through gross negligence failed to protect the data against access.

14. Data protection

Auctionata's privacy statement shall apply.

15. Amendments to the terms and conditions and final provisions

15.1 Auctionata reserves the right to amend the provisions of these terms and conditions with future effect at any time without citing reasons. Auctionata will announce such amendments on its www.auctionata.com website or by email. The amendments shall be deemed to have been accepted if the customer does not object to them within two weeks of receiving notice, or if he or she makes use of Auctionata's services again after the agreement has been amended. Auctionata shall present these terms and conditions to every customer before every auction, so that amendments can be acknowledged before the conclusion of an agreement. If a customer objects to the amendment, Auctionata shall be entitled to terminate the agreement with the customer.

15.2 Third parties may enter into this agreement in place of Auctionata and wholly or partially assume the resulting rights and obligations subject to six weeks' prior notice. The customer hereby consents to this in advance.

15.3 The place of performance for all of Auctionata's performance obligations that are derived from the contractual relationships between the contractual parties shall be the commercial residence of Auctionata Beteiligungs AG in Berlin (Germany) if the contractual partner is a business person. The statutory provisions of the place of performance shall apply to consumers.

15.4 The legal venue for all claims arising from the disputes from the contractual relationships between the contractual parties shall be - insofar as the contractual parties are business persons, legal persons under public law or special foundations under public law - the commercial residence of Auctionata in Berlin (Germany). However, Auctionata may also alternatively take legal action against the contractual partner at his general or any other permissible legal venue. This shall not be valid if mandatory legal directives prescribe another legal venue.

15.5 The law of German Federal Republic shall apply exclusively, with the exclusion of the United Nations Convention on Contracts for the International Sale of Goods (see also Article 2b CISC regarding auctions) for the contractual agreement and the resulting claims, regardless of the type and against whom they are asserted. This shall also apply to transactions against national borders.

15.6 Should one or more of the provisions of the Terms and Conditions be or become wholly or partly ineffective or should the Terms and Conditions be found to contain omissions, the validity of the remaining provisions shall remain unaffected. The parties undertake, in such cases, to replace the wholly or partly ineffective provision with one which is effective and whose economic purpose most closely reflects that of the ineffective provision.

15.7 We save the text of the sales contract and send you the ordering information per email Access to the Terms and Conditions is given on the website at any time. Further, a printed version of the Terms and Conditions can be downloaded in PDF format. The ordering information is not accessible via the internet due to security reasons.

C. Terms and conditions for obtaining a valuation

1. General provisions

The following provisions shall apply to every valuation request, free valuation, valuation in return for remuneration and other act/service in connection with a valuation through the www.auctionata.com website (hereinafter "Website"). Auctionata will treat every valuation request with the utmost discretion. Auctionata shall be entitled to make use of the services of third parties for contractual fulfillment.

2. Conclusion of the agreement; number of free valuations

2.1 A free valuation can be requested using a form on the website or by sending an email to [email protected]. If the form on the website is used, the customer can choose between "Valuation with photos" and "Valuation without photos". Before submitting the valuation request, in both cases the customer must enter a brief description and the customer's contact details, and must agree to these terms and conditions and the privacy statement.

2.2 Once the valuation request has been received, the customer will receive an email in which Auctionata confirms or rejects the request for a valuation or several valuations. If Auctionata accepts the order, an agreement has been formed concerning the preparation of a valuation free of charge. Auctionata reserves the right to reject requests for a valuation, however; under no circumstances shall Auctionata be obliged to accept a request.

2.3 Customers can have a maximum of five items valued free of charge within 12 months. From the sixth item, the customer will receive an offer for a valuation in return for remuneration by email from Auctionata. The interested party must accept this offer by fax, email or letter. Auctionata shall be free to offer individual customers more than five valuations free of charge.

2.4 The valuation shall be free of charge from the sixth item if the valued items are presented to Auctionata for sale by way of a commission-based transaction between the customer and Auctionata within 12 months of the date of valuation. In this case, the costs of each valuation in return for remuneration will be refunded to the customer.

2.5 Submitting a valuation request or entering into an agreement concerning the preparation of a valuation free of charge shall not create a contractual obligation for the customer to enter into a subsequent commission-based transaction with Auctionata; the aforesaid shall also apply in cases of valuation in return for remuneration.

3. Information and photos for the valuation

As a general rule, the experts will prepare the valuations on the basis of the information and photos submitted by the customer. In the event that Auctionata requires additional information and/or additional photos in order to make a valuation, Auctionata will contact the customer and request the information and/or photos. If the customer rejects Auctionata's request, Auctionata shall be entitled to reject the valuation request. In the event that Auctionata considers it necessary to inspect the item, Auctionata will contact the customer to arrange an inspection or to arrange for the item to be sent to Auctionata. If the customer does not consent to an inspection being carried out by Auctionata, Auctionata shall be entitled to reject the valuation request.

4. Valuation number, status query and notification of the valuation

4.1 Auctionata will allocate a valuation number to each valuation request. In the event of a free of charge valuation, the customer will be sent this number by email together with the order confirmation. In the event of a valuation in return for remuneration, the customer will receive the valuation number in the email containing the offer to conclude an agreement. He or she can use this valuation number to query the status of the valuation by replying to the email. The customer will then receive notification of the status of the valuation request by email from Auctionata.

4.2 Finally, the customer will receive a link to the completed valuation on Auctionata's website. When the customer has received the valuation, he or she can decide whether he or she wishes to sell the item through Auctionata ("commission-based transaction"). No right to enter into a commission-based transaction shall exist, however.

5. Object of service and warranty

5.1 A valuation prepared by Auctionata will always include a determined estimation value and brief details of the item (e.g. date, material, size, artist etc.). The Auctionata experts will always make valuations to the best of their knowledge and on the basis of current scientific knowledge. Unless it has been expressly agreed otherwise in writing (email is sufficient) in individual cases and a direct inspection has taken place, the valuations prepared for customers shall always constitute so-called "remote valuations". This means that the Auctionata experts have prepared the catalog description "remotely", i.e. without having inspected the items directly. It follows from this that the valuation constitutes a conditional and provisional arrangement until Auctionata conducts a final direct valuation of the items, and that Auctionata does not, therefore, supply any information about the condition free from any doubt.

5.2 For this reason, every item will be inspected again closely by the Auctionata experts in the event of delivery for sale in the online shop or by Auction. This inspection may lead to a subsequent alteration of the previously determined provisional estimation value. The Consignor will, of course, be notified of this as soon as possible.

5.3 We therefore wish to expressly inform you that the content of a valuation based on a remote valuation is used by the customer at its own risk. Customers should not, therefore, base any far-reaching decisions such as the making of a gift, sale to a third party or similar on the valuation. Auctionata shall assume no warranty for the valuation service(s) provided. Achieving direct or indirect economic success is not the object of the service provided by Auctionata.

6. Remuneration, Maturity and Terms of payment

6.1 The remuneration for obtaining fee-based valuations depends on the current Overview of Fees. The amount of remuneration depends on whether a "remote valuation" or a valuation through direct inspection is commissioned.

6.2 The remuneration for the fee-based valuation is to be paid in advance. The customer must pay the remuneration immediately upon receipt of the invoice. Payment on delivery is excluded. The customer may effect payment by bank transfer, PayPal or credit card. Auctionata shall not charge any fees for this.

6.3 A customer shall enter into payment default if he has not rendered payment within 10 days after the payment due date and receipt of an invoice; the relevant date is the date that Auctionata receives the payment into its account. Section 286 Paragraph 4 German Civil Code (BGB) remains unaffected. In the event of payment default, the purchase price of customers who are consumers shall accrue interest during the payment default period in the amount of 5% points above the respectively valid base lending rate (in accordance with the statutory directives published by the German Central Bank) plus the statutory VAT. For an entrepreneur, the interest during the payment default period shall be 8% points above the base lending rate plus the statutory VAT. The interest shall be calculated per year and charged to the current account.

7. Liability

Except in cases of intent or gross negligence, liability on the part of Auctionata shall be excluded. This shall also apply in cases of slightly negligent breaches of duty by legal representatives or vicarious agents unless the case involves the culpable violation of material contractual obligations. If there is no intentional breach of contract, the liability for damages shall be limited to the foreseeable, typically occurring damage. Liability for damages resulting from injury to life, body or heath, and liability in accordance with the German law on product liability (ProdHaftG) shall not be affected hereby.

8. Revocation Instruction

Right to revoke

You have the right to revoke this contract within 14 days without giving any reason.

The revocation period will expire after 14 days from the day of the conclusion of the contract.

To exercise the right to revoke, you must inform us (Auctionata Beteiligungs AG, Kurfürstendamm 212, D-10719 Berlin, email:[email protected], Fax: +49 30 202 39 21 69) of your decision to revoke this contract by a clear statement (e.g. a letter sent by post, fax or e-mail). You may use the attached model revocation form, but it is not obligatory.

To meet the revocation deadline, it is sufficient for you to send your communication concerning your exercise of the right to revoke before the revocation period has expired.

If you revoke this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us).

We will make the reimbursement without undue delay, and not later than 14 days from the day on which we are informed about your decision to revoke this contract.

We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement.

If you requested to begin the performance of services during the cancellation period, you shall pay us an amount which is in proportion to what has been performed until you have communicated us your cancellation from this contract, in comparison with the full coverage of the contract

End of revocation instruction

________________________________________________________________________

Model revocation form

(If you like to revoke this contract, complete and return this form)

- To Auctionata Beteiligungs AG, Kurfürstendamm 212, D-10719 Berlin, E-Mail: [email protected], Fax: +49 30 202 39 21 69:

- I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]/for the provision of the following service [*],

- Ordered on [*]/received on [*],

- Name of consumer(s),

- Address of consumer(s),

- Signature of consumer(s) (only if this form is notified on paper),

- Date

_____________________________

[*] Delete as appropriate.

________________________________________________________________________

9. Termination

The agreement concerning the preparation of free of charge valuations may be terminated by either party in writing (including by email) at any time without giving reasons. In the case of valuations in return for remuneration, the customer may terminate the agreement without giving reasons at any time until the valuation is complete. In this case, Auctionata shall be entitled to demand the agreed remuneration for the services provided with regard to the valuation(s) not yet complete.

10. Data protection

Auctionata's privacy statement shall apply.

11. Amendments to the terms and conditions and final provisions

11.1 Auctionata reserves the right to amend the provisions of these terms and conditions with future effect at any time without citing reasons. Auctionata will announce such amendments on its www.auctionata.com website or by email. The amendments shall be deemed to have been accepted if the customer does not object to them within two weeks of receiving notice, or if he or she makes use of Auctionata's services again after the agreement has been amended. Auctionata shall present these terms and conditions to every customer before every Auction, so that amendments can be acknowledged before the conclusion of an agreement. If a customer objects to the amendment, Auctionata shall be entitled to terminate the agreement with the customer.

11.2 Third parties may enter into this agreement in place of Auctionata and wholly or partially assume the resulting rights and obligations subject to six weeks' prior notice. The customer hereby consents to this in advance.

11.3 The place of performance for all of Auctionata's performance obligations that are derived from the contractual relationships between the contractual parties shall be the commercial residence of Auctionata Beteiligungs AG in Berlin (Germany) if the contractual partner is an business person. The statutory provisions of the place of performance shall apply to consumers.

11.4 The legal venue for all claims arising from the disputes from the contractual relationships between the contractual parties shall be - insofar as the contractual parties are business persons, legal persons under public law or special foundations under public law - the commercial residence of Auctionata in Berlin (Germany). However, Auctionata may also alternatively take legal action against the contractual partner at his general or any other permissible legal venue. This shall not be valid if mandatory legal directives prescribe another legal venue.

11.5 The law of German Federal Republic shall apply exclusively for the contractual agreement and the resulting claims, regardless of the type and against whom they are asserted. This shall also apply to transactions against national borders.

11.6 Should one or more of the provisions of the Terms and Conditions be or become wholly or partly ineffective or should the Terms and Conditions be found to contain omissions, the validity of the remaining provisions shall remain unaffected. The parties undertake, in such cases, to replace the wholly or partly ineffective provision with one which is effective and whose economic purpose most closely reflects that of the ineffective provision.

D. Glossary

(as of January 2012)

For better comprehension, some terms are defined here in advance which can be found in these Terms and Conditions, in the Privacy Policy, in the Consignment Agreement and in other places. The aforementioned regulations shall always take precedence over the following definitions.

Consumer:
The consumer refers to a natural person who purchases the goods and services for his own purposes.

Business Person/Company:
The business person is a natural or legal person or a partnership which is authorised to undertake legal dealings which/who is acting in the exercising of his/its commercial or independent professional capacity when concluding a business deal.

Verification:
Verification means that Auctionata will examine whether a registered person is actually the person whose identity has been given. For the verification, several options are available which are listed in detail in the Business Terms and Conditions.

Consignor:
The contractual partner delivers used items to Auctionata for auction or sale in the Online Shop. The consignor shall remain the owner of the items until transfer of ownership is made to the buyer. A consignment agreement is concluded.

Supplying:
The surrendering of the items to Auctionata for sale. The contractual agreement concluded between the consignor and Auctionata is called the Consignor Agreement. It involves a commission-based transaction.

Auction:
Auctionata regularly holds auctions on its business premises whereby the goods displayed in the online catalogue are publicly auctioned. The auction is broadcast live via streaming technology on the Internet. Thus, it is possible to personally participate in the public auction live via the Internet by entering the virtual auction room. Thus, it is also possible for bidders to also submit bids by telephone during the auction. Moreover, written purchase orders can be issued to Auctionata and indeed by fax, letter or email and up to one hour prior to the start of the auction.

Auctioneer:
The auctioneer is considered to be the person who conducts the auction, announces the items for bidding and declares the acceptance of the winning bids (knock down). The auctioneer is considered to be the master of the proceedings. Auctionata works only with auctioneers who are certified in Austria or Germany.

Fall of Hammer or Knock Down:
Upon acceptance of the winning bid, namely when the auctioneer hits his gavel on the table (knock down), the purchasing agreement shall be considered to have been concluded. The price obtained in this manner shall be considered to be the hammer price.

Hammer Price:
This is the price which the highest bidder offers in order to receive the acceptance of the winning bid, in other words to acquire the goods. The hammer price does not contain the buyer´s premium and additional ancillary costs.

Bidder:
A bidder is a person who submits a bid (regardless of whether it is in writing, via the Internet or by telephone) during an auction or an Internet auction. In cases of doubt, it must always be assumed that a bidder is bidding in his own name.

Highest Bidder:
The highest bidder is the person who submits the final bid at an auction which is knocked down by the auctioneer.

Low Bidder:
A person who has submitted a bid during an auction directly before the winning bid was issued and who was ultimately outbid by the highest bidder.

Account:
Each bidder requires an account in order to be able to participate in the bidding process in the virtual auction room. As the holder of an Auctionata account, one can log in with a password and must upload a profile photo.

Profile Photo:
The photograph which must be uploaded when an account is set up may depict the person holding the account or also a motif which is appropriate to the account holder. Profile photos may not violate third-party rights.

Purchasing from the Online Shop:
Auctionata shall display goods in the Online Shop which may be purchased immediately at fixed prices. In some cases, customers themselves may recommend a price. The consignor reserves the right to accept or reject this counter offer. Until a price is accepted, the article will remain in the Online Shop and may thus be acquired by a third party at an official sales price.

Catalogue Descriptions:
These are the binding descriptions of the goods which are auctioned off or sold. As an exception, obvious typing errors shall be considered to be non-binding.

Written Auction Announcements:
Written auction announcements are statements issued by the auction house which can be reviewed in written form before the beginning of an auction and are read aloud by the auctioneer. They carry greater weight than the catalogue descriptions because they may possibly contain new information. Before entering the auction room, the written auction announcements must be approved. They will be read aloud to persons bidding by telephone. Bidders who have already submitted bids before the written auction announcements were available for review and who had no opportunity to receive such information shall be contacted by telephone by the auction house before the auction begins and asked whether they want to keep their bid. If they do not wish to do so, it is possible to withdraw the bid upon a free-of-charge basis.

Written Absentee Bids:
Each prospective purchaser is at liberty to submit written purchase orders for the acquisition of items at auctions. These written bids shall be taken into consideration by the respective auctioneer during the auction and must contain at least a starting price and a purchasing limit. Purchase orders must be received in writing by Auctionata by no later than one hour before the auction begins. Purchase orders which are received later may only then be taken into consideration after the auction is over. The prospective buyer may choose whether the purchase order is implemented by a broker or by an auctioneer.

Purchasing Limit:
With regards to a purchase order, a maximum amount must be stated at which the bidder is prepared to acquire the goods. The purchasing limit must be at least the amount of the starting price and will only be exhausted if there is another bidder.

Broker:
The broker is an employee of Auctionata. He shall render bids for customers who bid by telephone. Likewise, upon the respective prospective buyer's request, the broker shall forward purchase orders from the written bidders to the auctioneer during the auction.

Bids by Telephone:
Each prospective buyer shall be at liberty to notify Auctionata in writing that he would like to bid by telephone during the auction. Auctionata shall call the prospective buyer at the telephone number he designates and make it possible for him to participate in the auction by telephone. The conversation shall be conducted by a broker.

Representative:
Each prospective buyer shall be at liberty to commission a person who is not affiliated with Auctionata to bid in his name during an Auction. Insofar as the contractual relationship between the representative and the prospective buyer is not already known to Auctionata, then the contractual relationship must be documented in writing by fax or mail.

Notary:
A notary shall be called in if at least two bids are received of the same amount and at the same time and lots are drawn to decide who has the winning bid. Furthermore, it is the notary's responsibility to review written purchase orders in advance.

Presenter:
The presenter presents the offered item to the auction's audience and reads aloud the catalogue descriptions. In the event that there are deviations between the presenter's oral presentation and the catalogue descriptions or the auction's written announcement, then the written catalogue descriptions shall take precedence. These written catalogue descriptions shall, in turn, be preceded by the auction's written announcement.

Estimated Value:
A valuation is made of the items to be auctioned determines the so-called estimated value. This represents an amount in money which, based upon the professional opinion of our experts, should be obtained during the auction assuming a sufficient number of bidders.

Starting Price:
That is the amount at which the auction will begin.

Fixed Price:
That is the gross purchase price which was agreed for a purchase in the Online Shop. It contains the premium and the applicable VAT. It does not contain the shipping and insurance costs. As a rule, the items are offered for the estimated value in the Online Shop.

Sales Proceeds:
In the event that an auction is held, the sales proceeds comprise the hammer price less all the fees to be paid by the consignor. In the case of a sale of goods in the Online Shop, the proceeds comprise the fixed price less the premium which will be retained by Auctionata and all the fees to be paid by the consignor.

Counter Offer:
Customers may be make the recommendation to the consignor to purchase goods from Auctionata's Online Shop at a lower fixed price. A contractual agreement shall only then be realised when the consignor has approved the offer. The customer shall be bound to his counter offer for seven days. If a third party acquires the goods at the fixed price during this timeframe, the customer's counter offer shall cease to be valid and the purchasing agreement with the third party shall be realised.

Contribution to the Resale Royalty Right:
Due to the legal obligation for the resale royalty according to Sec. 26 German Copyright Law (UrhG) applies, that Auctionata remits the resale royalty because of her membership in the AV Kunst for the Consignor. Through this the Consignor gets relieved from his obligation to pay the resale royalty. Auctionata charges the lump-sum contribution according to the membership in the AV Kunst pro rata as a part of the sales price towards the buyer. Auctionata will hold the charged amounts in escrow and properly remit them to the AV Kunst.

Shipping Insurance:
Auctionata shall purchase shipping insurance for the shipment of all goods. In the event that an insurance claim is filed, the buyer shall be credited with the actual payments made and paid out from the Insurance Agreement. The buyer may also demand that the claims against Auctionata's insurance provider be assigned to him and assert these claims himself.

Overview of Fees:
The fees incurred during the implementation of the business relationship between Auctionata on the one hand and the consignors and the buyers on the other hand shall be regulated respectively in a binding Overview of Fees with an Overview of Fees for Consignors and an Overview of Fees for Buyers.

Premium:
The premium is considered to be that fee specified on the Overview of Fees for Buyers which is added to the hammer price during an auction. Furthermore, it concerns each fee which is contained in the price when goods are purchased from a Onlineshop.

Sales Proceeds:
In the event that an auction is held, the sales proceeds comprise the hammer price less all the fees to be paid by the consignor. In the case of a sale of goods in the Onlineshop, the proceeds comprise the fixed price less the premium which will be retained by Auctionata and all the fees to be paid by the consignor.

English Auction:
With this auction form, the price is successively increased by the submission of at least one bid above the starting price. The starting price is set by Auctionata subject to the consignor's approval and, as a rule, is substantially lower than the estimated value in order to create an incentive for bidders. Bids which do not correspond to theincrements specified by the bidding increments table shall be rounded down to the next lower increment. The tabular list of the increments specified by Auctionata constitutes an integral component of these Business Terms and Conditions.

Valuation:
The value of an item which is offered by Auctionata shall be estimated by experts commissioned by Auctionata. Auctionata offers to valuate five items per person and year upon a free-of-charge basis. Beginning with the 6th item, the valuation shall remain free of charge if the valuated items are, subject to Auctionata's approval, made available to Auctionata for sale within one year's time after the date the valuation was made.

Taxation of the Margin:
The purchase price shall be subject to differential taxation for buyers with their commercial residence within the EU. The taxation of the margin concerns a special form of taxation which is intended for the trading of used items for which it is not possible to deduct the input tax.

Standard Taxation:
If the standard taxation (in German language: "Regelbesteuerung": "RB") applies, then VAT shall also become payable on the purchase price of the goods and shall be billed. If an artwork is labelled with the term "Regelbesteuerung" or the abbreviation "RB" in the online catalogue, then the sale shall be subject to standard taxation.

We ship both domestically and internationally at the request of our customers. While you are more than welcome to arrange for your own shipping, in most instances we can ship for you. Our experience is that in almost every case it will be less expensive to ship with us rather than one of our preferred local shippers, but there is no guarantee of this in your case. Generally we ship in order of payment, so the sooner the invoice is paid, the sooner the material is shipped. Only qualifying lots qualify for in-house shipping, and generally consist of unframed flat art (paintings, prints, posters, photographs, etc.) and generally do not include sculpture, antiques (especially furniture), and other three dimensional objects, including framed paintings, prints, posters, and photographs, especially of large size. Please inquire prior to the auction date as to which lots are qualifying. If you wish to arrange your own shipping, we would be happy to provide names of local shippers. Due to the high number of lots we sell, we are unable to deliver items to your shipper; they have to pick the items up from us. We may require a written release from you prior to releasing lots to outside shippers.

If we ship for you, buyer pays a minimum $19.50 packing charge per package regardless of the size or value of the item(s), plus our actual cost for the packing materials or $8.00, whichever is greater, plus the actual shipping cost, which, depending on your choice, may or may not include insurance on the lot(s). Please note that these three items are charged in every case regardless of the hammer price of the lot, so please keep this in mind when bidding on lower price estimated lots. If you purchase multiple lots in the auction and/or at after-auction/after-sale or private sale, we combine the lots for shipping purposes, charging only one packing and materials fee per package, and shipping at actual cost. However, if you purchase multiple lots and we are unable to pack all of your items in one package, we may change an additional $17.50 for packing and $5.00 for materials for EACH package. Generally sculptures are shipped in individual packages; rarely do we ship two sculptures in one package.

If we are shipping for you and you pay by credit card, we generally charge your credit card initially for the purchase price of the lot(s) (hammer price plus buyers premium) and then for the shipping when the final costs have been determined. If you pay by credit card, we may require that the shipment be made to the credit card billing address. In the event that we ship internationally for the buyer, and encounters particularly burdensome, time consuming, or onerous customs forms, we may charge a minimum $25.00 fee for completion of said forms. You are responsible for all duties, customs fees, and taxes.

We ship via United Parcel Service (UPS) and United States Postal Service (USPS) for domestic shipments and UPS/USPS/DHL for international shipments. Under no circumstances do we ship via FedEx, either domestically or internationally, even using your own FedEx account number. If you wish to ship FedEx, you MUST use an outside shipper. When shipping via UPS we require a signature upon delivery, unless advised in writing by you that no signature is necessary. Please note that UPS may charge us additional fees after a shipment has been initiated and we have quoted and charged you for shipping costs (e.g. a re-routing/delivery change request fee initiated by you to deliver to a different address). These fees are passed along to you, and you hereby authorize us to charge your credit card for these charges. We are unable to accept your UPS account number to ship for you. If you wish to use your UPS number, you must use an outside shipper.

While many shipments will be shipped within several days after each auction and/or aftersale, please note we are a traditional auction house, not an eBay or Amazon seller, and generally offer over 600 lots per auction, so if you wish us to ship for you please allow up to 15 to 25 working days from the DATE OF RECEIPT OF CLEARED FUNDS for your item(s) to LEAVE our location. If you prefer to receive your auction items and/or aftersale purchases on a timelier basis, or to organize shipping for lots that do not qualify for in-house shipping, please contact us for a list of local shipping agents. Any shipping services provided or arranged by us are at the buyer's sole risk and expense; we assume no responsibility for any errors or omissions in connection with any such service and/or our referral to outside shippers, who are solely responsible for their own performance. Purchases shipped out of state are exempt from sales tax.

It is incumbent upon the winning bidder to contact us regarding shipping of items. It is not our responsibility to contact the winning bidder regarding shipping. Once we have shipped your material, or it is picked up by your outside shipper, we assume no responsibility for the shipment's arrival at its destination or its condition on arrival. We suggest you purchase insurance if available to cover any missing or damaged goods. If an insurance claim becomes necessary the bidder/receiver is responsible for the follow-up with the shipping company. We are unable to provide any assistance beyond providing you with the shipment date and tracking number if applicable.

Please note that Mexican masks and Mexican sculpture may be shipped from our Mexico City office. Depending on where you are located, you may incur lower or higher shipping costs than if the shipment was initiated from our Phoenix office. Please inquire before you bid if you have any questions on the shipment of Mexican material.

Our policy is to ship material with a signature required on delivery. Your signature then becomes proof of delivery for all items purchased by you and included by us in the shipment, and buyer has no recourse against us for supposed missing and/or damaged items, whether or not we include a packing list with the shipment, and whether or not we indicate in any communication (such as email) what material is in the package. We are happy to refer you to an outside shipper who may have different shipping policies than we do. You are not required to ship your purchased material through us.

Our in-house buyer's premium is 19 1/2% of the hammer price for lots that sell for $74,999 or less. Please note that as of October 1, 2014, Invaluable/AuctionZip began to charge an additional 5% in addition to the buyer's premium for their services. So, the total "buyer's premium" now amounts to 24 1/2%.

Condition, like beauty, is in the eye of the beholder. When we list condition information for a lot, it is our opinion only. The absence of condition information does not mean the item is in perfect condition. We urge you to request a full condition report for any items in which you have an interest. Please refer to our Terms & Conditions for more detail about Condition.

Local taxes apply if the item(s) are not shipped out of state.

Your bid is a contract. Place a bid only if you're serious about buying the item. If you are the successful and winning bidder, you have entered into a legally binding contract to purchase the property bid on from the auctioneer. You should contact the auctioneer to resolve any questions before bidding.

Your bid is a contract. Place a bid only if you're serious about buying the item. If you are the successful and winning bidder, you have entered into a legally binding contract to purchase the property bid on from the auctioneer. You should contact the auctioneer to resolve any questions before bidding.