CONDITIONS OF SALE
Francois EPIN Auction TERMS AND CONDITIONS OF SALE
OUR ROLE
We, François EPIN Auction, are an Auction House, operator of voluntary sales of furniture at public auctions declared to the Council of Voluntary Sales and regulated by the law of July 10, 2000 No. 2000 642 amended by the laws of July 20, 2011, and February 28, 2022, regulating voluntary sales of furniture at public auctions. Article L321-4 and following of the Commercial Code. Therefore, François EPIN Auction, Auction House, acts as an agent for the seller.
SELLER'S OBLIGATIONS
By entering into and signing the consignment form/sales contract, the seller consents to François EPIN Auction selling the lot as your authorized agent and in accordance with these seller's conditions and the buyer's conditions. The seller is responsible for all statements and representations we make on their behalf. At the time of the closing of the Auction for the Lot, a sales contract will automatically be formed between the seller and the Buyer, and you will be solely responsible for complying with the Seller's obligations, warranties, and representations set forth in the Buyer's Conditions. If the seller consigns on behalf of a third party as an agent, they acknowledge and accept that the seller and the third party are jointly and severally liable as the "seller" under these seller's conditions.
SELLER'S WARRANTIES
You warrant, represent, and covenant (if applicable) to us and to the buyer that at the time of receipt of the sales contract and again upon delivery: the Lot is exclusively reserved by you for marketing and auctioning; either (i) you are the sole legal and beneficial owner of the Lot, or (ii) you are duly authorized to sell the Lot by the owner in accordance with these Seller's Conditions and are not bound by any third-party rights of first refusal or preemption; the Lot is free from all privileges, charges, and encumbrances of any kind; you have the right to transfer ownership of the Lot to the Buyer without any restriction or claim by anyone, and at the time ownership of the Lot passes to the Buyer, the Buyer's ownership and right of possession will be unrestricted; there are no restrictions on the lot except for standard industry rights, intellectual property rights, and moral rights of the artist; the lot does not contain any material that must be declared upon importation or that is commonly subject to restrictions in the United States, the United Kingdom, and the European Union;
All information, including the description, photographs, as well as the report(s) of condition prepared by you or on your behalf provided to us, is true and accurate in all respects, and the lot conforms in all respects to the description, photographs, and condition report; the lot is authentic and executed by the artist and is not an edition (unless otherwise stated on the consignment form);
All requirements, statements, and authorizations relating to the export and/or import of the Lot into any jurisdiction in which the Lot has been stored or transited have been complied with; The lot can be freely exported from the country in which it is currently located, without delay, consent, authorization, or license and contains no restricted material, such as an endangered or protected species, or otherwise; and you must notify us as soon as you become aware or have reason to suspect that any of your warranties, statements, or commitments above are, or may become, false.
LOT DESCRIPTION
Within the shortest possible time after signing the consignment form and, in any event, no later than 10 business days before the online catalog publication, you must provide us with the following documents in the format we have requested: ? Location address of the artworks; ? Information about the artist (name, date of birth, biography, portrait); ? A detailed description of the lot, including (but not limited to) the creation date, title, provenance, specific dimensions, weight, medium and materials, frames, mounts or supports, fixtures, and any mounting or installation requirements, any maintenance requirements (if applicable), and the number of works in an edition (if applicable), and any accessory items and/or materials, and furthermore, if the lot is a digital artwork, the specific software or hardware specifications (including minimum versions of these), memory, bandwidth, Internet or connectivity speed, or any other equipment, machinery, power supply, or service beyond what would be reasonably expected from a residential household; ? An accurate and up-to-date condition report. ? Accurate and high-resolution photographs of the lot that accurately show the color, represent all relevant details of the lot, including (but not limited to) artist signature details (if applicable), all angles of the lot; when photographs include elements that are not part of the lot (e.g., mounts, frames, or projectors), an inventory of what is included in the lot and what is additional material, and specify what is included in the lot and what will be provided to the buyer; ? Information on the tax status of the Lot and the Seller, including VAT and Sales Tax, especially if the Lot is in free circulation or subject to a special VAT or Sales Tax regime and if the Seller is registered for VAT and Sales Tax in their jurisdiction.
The seller attests to intervene in the context of this sale, as: // Private seller, French or European Union, // French seller subject to VAT on the margin // French seller subject to VAT under the general regime // European Union seller subject to VAT on the margin // European Union seller subject to VAT under the general regime // Seller outside the European Union or not subject to VAT
VAT number: .........
We will use the information provided by the seller to describe the lot in our online catalog. It is your responsibility to ensure that the lot is as described in the catalog. In the event that this text is found to be incorrect, the Buyer shall have the right to cancel their purchase. In the event that the Buyer exercises their right of withdrawal, you will be required to pay us the Buyer's commission, any interest incurred, including any costs incurred by us, which may include shipping costs, import taxes, duties and tariffs, and any other tax, duty or fee, as well as damages resulting from our obligation to cancel the sale of the lot to the buyer.
Subject to your obligation to inform us of any inaccurate or incomplete information in the description, you agree that we have exclusive and absolute discretion as to: (i) how the Lot may be combined or divided into lots at the Auction; (ii) its order of appearance in the sale; (iii) how a lot is described and illustrated in our online catalog; (iv) the date and venue of the auction; and (v) how the auction is conducted.
FIXED TAX / CAPITAL GAINS TAX
// The seller declares on oath not to be a tax resident in France and, consequently, not to be subject to the fixed tax on collectibles and jewelry (a sworn statement must be attached to this contract). The seller certifies that he/she is in possession of all documents justifying ownership, a holding period of more than 22 years, and any restoration work. As a result: // In the absence of sufficiently probative evidence of a sufficient holding period by the Seller, the fixed tax will be applicable at the rate of 6.5% (unless the auction price or the customs value in the case of exportation is less than €5,000). /_/ The seller opts for the general regime of common law taxation of the realized capital gain and mandates François Epin Auction to subscribe to declaration No. 2092 within the month following the sale.
ESTIMATE AND RESERVE
The sales mandate sets forth a proposed estimate. If you do not agree with our proposed estimate, you should not sign the consignment form. Once agreed upon with you, the estimate will be indicated in the description. Estimates are only an expression of our opinion on the expected auction price for the lot; an estimate should not be considered a guarantee as to the final auction price. It may be necessary for us to adjust an estimate if new information arises before the auction. We shall not be held liable if a Lot does not sell within the estimated range provided, and in no event shall the sale be canceled by you in such circumstances. The sales mandate also specifies the net reserve that has been agreed upon with you. We have the right to inform or not inform bidders if a lot has a reserve, but the amount of the reserve will not be disclosed to them. We are authorized to accept offers lower than the reserve provided that we account to you at least what you would have received if the winning offer were at the reserve (compensation up to the reserve), and we shall also have the right to bid on your behalf up to the set reserve price. The reserve shall not be modified except with your permission.
SETTLEMENT OF THE SALE PRICE
The settlement of the sale price by François EPIN Auction to the seller shall occur within 35 days following the sale, if François EPIN Auction has actually received the amount of the sale in its accounts and after deduction of taxes. For sales subject to the right of withdrawal, such as an online only sale, and when the seller is a professional, the buyer acting as a consumer has a withdrawal period of 14 days from the date of possession of the property, in which case the sale amount must be refunded to him and the property must be returned to the seller. The settlement of sales subject to the right of withdrawal shall be made at the expiry of the withdrawal period, which is 14 days after receipt of the Lot by the buyer. If the Lot remains unsold, we have the exclusive right to offer the Lot for sale, in an after-sale or private sale, for a period of thirty (30) calendar days after the Auction, provided that the amount you receive is not less than the Reserve (or any lower amount that you confirm to us in writing).
PAYMENT
Payment of the Purchase Price to us shall be payable by the Buyer within seven (7) Business Days following the Auction. You agree that we have the right to deduct from the purchase price (i) the buyer's premium; and (ii) the droit de suite. We shall account to you for all sums due, after any deduction that we are entitled to make, within thirty (30) business days following the auction, provided that we have been paid in full by the buyer by that date, otherwise within thirty (30) business days following receipt of the purchase price and any other sum due. If the buyer has not paid the purchase price and all sums due in full by the due date, François EPIN Auction may take legal action subject to an agreement with the seller, but is not obliged to do so, and is entitled to take any appropriate action under the circumstances, including cancelling the sale within three months from the sale and considering the lot unsold. Payment is made by bank transfer and must be made to an account in the name listed in the sales contract. François
LOCATION AND COLLECTION
As the auction is online-only, the seller acknowledges and agrees to retain possession of the lot during the consignment period and inform us of its location. The seller must not move, or make arrangements to move, alter, modify, or repair the Lot during the Consignment Period other than with our written consent. The seller continues to bear responsibility for loss or damage to the Lot while it is in your possession until the risk of loss or damage to the Lot passes to the Buyer. During the Consignment Period, the seller must maintain insurance on the Lot equal to the Reserve if set, otherwise the Low Estimate. Once sold, the insurance of the lot must be adjusted to the value of the purchase price if the purchase price is higher than the reserve or low estimate (as applicable). Upon payment for the auction sale, François EPIN Auction will share with the buyer the details provided by the seller to arrange for the transportation of the artworks. Once we confirm receipt of the purchase price and all other amounts due, the seller will agree on a date and time with the buyer's carrier for the removal of the Lot (or its agent/shipper). The buyer is responsible for organizing and paying for shipments and insurance during transit in accordance with the buyer's terms. You will be asked to communicate in good faith with the Buyer by providing all necessary information and access to allow them to arrange for Delivery. You will not release the Lot to the Buyer until we have confirmed receipt of the full Purchase Price. If you do so, it will be at your own risk. Before delivery of the lot, you must:
• photograph the condition of the lot immediately before packaging and update the condition report;
• obtain from the carrier a removal receipt mentioning the condition report;
• coordinate with the Buyer (or the authorized representative of the Buyer or shipper) to allow the Buyer (or the authorized representative of the Buyer or shipper) to package and crate the Lot for shipment;
• Ensure that the lot is available for delivery on the date and time agreed upon with the buyer, as well as the updated condition report. In the event the seller refuses to release the Lot on the date and time agreed upon with the Buyer, François EPIN Auction is authorized to refund the Purchase Price (and any other sums paid) to the Buyer, and François EPIN Auction shall not be obliged to pay the Purchase Price to the seller. In such circumstances, the seller is responsible for paying the Buyer's Premium that would have been due, including all costs incurred by François EPIN Auction and any damages resulting from its obligation to cancel the sale of the Lot to the Buyer.
TITLE AND RISK
Ownership and risk of the Lot automatically transfer to the Buyer upon removal.
WITHDRAWAL AND CANCELLATION
Once you have signed the sales contract, you are obligated to proceed with the auction sale of the lot. If you withdraw a Lot before the sale for any reason (which must be notified to us in writing), you will be required to pay us a withdrawal fee of 75% of what would have been our Buyer's Premium based on the Low Estimate, as well as additional fees to cover expenses incurred prior to or because of the withdrawal. These fees shall be payable upon first demand. François EPIN Auction is entitled to withdraw the Lot without liability to the seller if:
• there is doubt as to the authenticity or attribution of the Lot;
• it is established or alleged that any of the seller's representations or warranties are inaccurate in any way;
• the auction at which the Lot was proposed to be sold is postponed for any reason;
• François EPIN Auction determines at its sole discretion that the auction sale of the Lot may harm its reputation.
Under the European Consumer Rights Directive (2011/83/EU), a buyer (who is a "consumer") from the EU purchasing an online auction lot, without public exposure, has the right to cancel such a sales contract within fourteen (14) calendar days for any reason and without any liability to do so if the seller is a professional. François EPIN Auction will refund any EU buyer validly exercising this right for payments already made for the purchase of the lot. The seller will be promptly notified in the event of cancellation of the sale and the reasons given by the buyer. If the lot is returned within the period provided by law, the seller will not be paid. The buyer is responsible for the return costs of the item, and the seller must keep us fully informed of the date on which the item was returned to them. Upon receipt of the lot, they must inspect the lot taking into account the latest updated condition report and confirm whether the lot has been received in good condition or if there are damages, material changes, or losses. If the Lot is returned damaged or if the Lot is lost, we will agree with the seller in good faith on the amount to be deducted from the Buyer's refund in accordance with their legal rights.
RESTRICTIONS IMPOSED ON SELLERS DURING THE CONSIGNMENT PERIOD
If the seller receives (directly or indirectly) any inquiries regarding the Lot during the Consignment Period, they must refer such inquiries to François EPIN Auction and must not attempt to negotiate the sale of a Lot directly.
INTELLECTUAL PROPERTY
You grant a non-exclusive, worldwide, royalty-free license to display the images of the Lot you have provided to us for the promotion of lots offered at auction including the artist's name and description, on the Website and our social media, and the right to use the images of the lot for public relations and marketing purposes in connection with the auction sale. We reserve the right to continue displaying the images of the lot, artist's name, and description on the Website and our social media as a record of past sales. You agree that we may overlay watermarks and/or marks when displaying the images of the Lot.
You warrant and represent that you have irrevocably the right, on behalf of any copyright holder of the Lot, to grant François EPIN Auction the license set forth above and to grant us this license for the marketing, promotion, and offering of the Lot at Auction, and we will not infringe any third-party intellectual property rights. You shall not obtain any license or other rights to publish, broadcast, or reproduce any material relating to the Lot (e.g., text, documents, descriptions) created or produced by François EPIN Auction, other than for private use or with our consent.
CONNECTIVITY AND TECHNICAL ISSUES
As INVALUABLE Live and INVALUABLE Digital are independent services, François EPIN Auction declines any responsibility in case of malfunction.
INDEMNITY
The seller agrees to indemnify us against all claims, proceedings, liabilities, costs, expenses, and losses arising from:
• Any actual or alleged breach of any warranty, representation, undertaking, or obligation by the seller to François EPIN Auction, whether by act or omission or otherwise;
• Any error, misdescription, or omission in any description of the lot (in an entry or otherwise) or any estimate thereof;
• All reasonable legal and related expenses incurred in connection with any enforcement action taken by François EPIN Auction in addition to the damages to which François EPIN Auction may be entitled in case of dispute.
CONFIDENTIALITY
The seller acknowledges and agrees that François EPIN Auction may provide them (directly or indirectly) with personal information of the buyer, which may constitute personal data (and in some cases, sensitive personal data), such as the names and contact details of the buyer. François EPIN Auction provides this Personal Data for the purpose of enabling the Buyer to arrange Delivery. The seller may establish a relationship and the Buyer/Bidder may continue to purchase other works by the Artist. The seller shall not disclose such Personal Data to any third party, unless required by law or permitted by these Seller Terms. The seller shall not do or procure to be done anything that may put François EPIN Auction in breach of its data protection obligations.
LAW AND JURISDICTION
The sale and the terms of the sale are governed by French Law. The auction house is subject to the rules of the code of ethics established by the Council of Voluntary Sales. The personal data collected by François EPIN Auction Auction Houses are processed and used in accordance with GDPR rules. Any dispute concerning this sale shall be brought before the Court of Paris.
BUYER'S OBLIGATION
The sale is made exclusively for cash and conducted in euros. The successful bidder shall be obliged to provide their names and addresses to the clerk making the minutes. For physical sales (in auction rooms), the exhibition allows prospective purchasers to observe and assess the condition of the items presented during the exhibition organized before the sale. Condition reports on the state of the lots are available on request and remain at the discretion of the buyer. All lots are sold as is, no claims after the auction are possible. For Online sales (electronically and fully dematerialized via the website www.INVALUABLEonline.com), the exhibition on the INVALUABLE Online website constitutes a public exhibition, with condition reports available upon request. The objects are sold by designation. The city and country of the collection address are included in the Lot description in the catalogue. The precise address and collection details will be communicated to the buyer after the sale on the buyer's slip that will be transmitted to them.
No claims about the condition of the goods will be accepted after the auction. When the offered goods are second-hand goods, the "used condition" mention will apply to all lots. Thus, the absence of an indication of a restoration, accidents, touch-ups, or other elements, in the catalog, condition report, or in the minutes, does not imply that the item is free from defect. Estimates are indicative and cannot be considered a certainty of the price at which the item will be sold. The estimates, weights, dimensions, and other indications of restoration are provided for informational purposes only and cannot be considered a guarantee. When the offered goods are new goods, a condition report will be provided upon request. All goods are sold by the auctioneer, and if necessary, by the expert assisting him, according to the indications of the catalog, and any rectifications announced at the time of the presentation of the lots and included in the sale report. Attributions have been established based on scientific and technical knowledge at the time of the sale. The sale is conducted in the order established by the auctioneer.
The auctioneer conducts the sale. He is free to set the "bid increment" at the level he deems appropriate and may bid successively to cover the purchase orders entrusted to him. In case of a recognized double bid by the auctioneer, the item will be immediately put back up for sale at the price proposed by the auctioneer, and the public will be allowed to bid again. Once the auction is pronounced, the purchases are under the full responsibility of the successful bidder.
RIGHT OF WITHDRAWAL
For physical sales (in auction rooms, with exhibition), the 14-day right of withdrawal does not apply within the framework of auction sales. The auction sale right being derogatory from consumer law. For Online sales, which the public cannot attend, are subject to the right of withdrawal. Only sales where the seller is a professional and the buyer a consumer are concerned, understood as the individual who does not act for professional needs. The right of withdrawal then allows the buyer to cancel the sale, provided that he then returns the purchased item and is refunded the full amount he has paid. The buyer has a period of 14 days from taking possession of the goods to do so.
SALE FEES AND PAYMENT
In addition to the auction amount per lot, the successful bidder must pay the following fees and taxes:
• 16% excluding tax, i.e., 19.2% including tax For bidders bidding on the invaluable.com or any other platforms, additional fees will be charged to the buyer. The additional fees for INVALUABLEonline.com are 3% excluding tax, i.e., 3.6% including tax. Payment must be made immediately after the sale, by:
• Bank transfer. For transfers from abroad, international bank charges are the exclusive responsibility of the buyers.
In accordance with TRACFIN regulations, payment cannot come from a third party to the sales contract. BANK CREDIT INDUSTRIEL ET COMMERCIAL CIC PARIS PARMENTIER 134 AVENUE PARMENTIER 75011 PARIS " 01 53 35 44 13
RIB 30066 10561 00020549802 62 IBAN. FR76 3006 6105 6100 0205 4980 262 BIC CMCIFRPP
ORDER OF PURCHASE Bidders must register on invaluable.com to bid. As INVALUABLE Live and INVALUABLE Digital are independent services, François EPIN Auction declines any responsibility in case of malfunction.
WITHDRAWAL AND TRANSPORTATION OF LOTS - EXPORT LICENSE For physical sales, once the auction is pronounced, the purchases are under the full responsibility of the successful bidder. Therefore, it is the buyer's responsibility to settle and retrieve their lot as soon as possible from our storage facility. No lot will be handed over to buyers before the full payment of the due amount. Objects cannot be taken out of the storage facility without the presentation of a paid slip. For Online sales, once the auction is pronounced, the purchases remain under the full responsibility of the seller. The responsibility of the purchases is transferred to the successful bidder at the time of collection. The buyer must take possession of their purchase(s) within thirty days following the sale. Beyond this period, fees corresponding to 2% of the auction price will be charged per month to cover storage and insurance costs.
For EU buyers subject to VAT, they must provide the Auction House with their VAT identification number, as well as shipping documents for the acquired items. For buyers outside the EU, if they wish to export their purchases, they must notify this no later than the day of the sale. (They can recover the VAT on the purchase fees provided that a duly completed customs document is submitted to François EPIN Auction within three months of the sale, and the name of the Auction House is mentioned as the exporter. The auction slip is due in full, and the VAT is refundable subsequently upon presentation of the bank account details).
DEFAULT IN PAYMENT
In case of non-payment by the buyer within the month following the sale, and after an unsuccessful formal notice, François EPIN Auction will initiate a recovery procedure at the expense of the buyer. From %&'() months after the sale and at the seller's request:
• The item may be resold within a period of three months, through a reiteration of bids. The defaulting Bidder shall bear any negative price difference and all expenses incurred by this second sale. The positive price difference shall be refunded to the seller.
• The sale may be canceled without recourse.
LAW AND JURISDICTION The sale and the terms of the sale are governed by French Law. The auction house is subject to the rules of the code of ethics established by the Council of Voluntary Sales. The auction house is held by an obligation of means. Its potential liability can only be engaged under the express condition that personal fault is demonstrated and proven against it within a period of five years from the sale. Certain goods must be subject to export certificates from the Direction des Musées de France, and a customs authorization may also be required for exportation. For ivory lots, we inform you that specimens conforming to EC Regulation 338-97 of 09/12/1996 art. 2-W prior to 01/06/1947 are put up for sale. For an exit from the EU, an export CITES will be required, which will be at the expense of the future purchaser. The State has a preemptive right. The exercise of this right takes place immediately after the auction. The State's representative then expresses the will of the State to substitute for the last bidder and must confirm the preemptive right within 15 days. François EPIN Auction cannot be held responsible for the conditions of the preemptive right exercised by the French State. Photos and videos are the property of François EPIN Auction, and any reproduction or dissemination of photos or videos must be requested by written authorization from the Auction House. In accordance with Article L321-7 of the Commercial Code, civil liability actions arising from appraisals and voluntary sales of movable property at public auctions are subject to a statute of limitations of five years from the auction or appraisal. The personal data collected by François EPIN Auction are processed and used in compliance with GDPR rules. Any dispute concerning this sale shall be brought before the Court of Paris.
