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comme demandé par le vendeur.

Les lots vendus aux acheteurs ayant

une adresse en dehors de l’Union

Européenne seront considérés comme

devant être exportés hors UE. De même,

les lots vendus aux professionnels

identiÞés dans un autre Etat membre de

l’Union Européenne seront considérés

comme devant être l’objet d’une livraison

intracommunautaire. Les clients seront

facturés selon le régime général de

TVA (cf. Biens mis en vente par des

professionnels de l’Union Européenne

). Bien que le prix marteau soit sujet

à la TVA, celle-ci sera annulée ou

remboursée sur preuve d’exportation

(cf. Remboursement de la TVApour les

non-résidents de l’Union Européenne

et Remboursement de la TVApour les

professionnels de l’Union Européenne).

Cependant, les acheteurs qui n’ont pas

l’intention d’exporter leurs lots en dehors

de l’UE devront en aviser la comptabilité

client le jour de la vente.Ainsi, leurs lots

seront refacturés de telle manière que la

TVA n’apparaisse pas sur le prix marteau

(cf. Régime de la marge – biens non

marqués par un symbole).

INFORMATION TO BUYERS

All property is being o!ered under French

Law and the Conditions of Sale printed

in this catalogue in respect of online

bidding via the internet, the BIDnow

Conditions on the Sotheby’s website (the

“BIDnow Conditions”).

The following pages are designed to

give you useful information on how to

participate in an auction. Our sta! as

listed at the front of this catalogue will be

happy to assist you. Please refer to the

section Sales Enquiries and Information.

It is important that you read the following

information carefully.

Prospective bidders should also

consult

www.sothebys.com

for the most

up to date cataloguing of the property in

this catalogue.

Provenance

In certain circumstances,

Sotheby’s may print in the catalogue

the history of ownership of a work of

art if such information contributes to

scholarship or is otherwise well known

and assists in distinguishing the work of

art. However, the identity of the seller or

previous owners may not be disclosed

for a variety of reasons. For example,

such information may be excluded to

accommodate a seller’s request for

conÞdentiality or because the identity of

prior owners is unknown given the age of

the work of art.

Buyer’s Premium

According to

Sotheby’s Conditions of Sale printed

in this catalogue, the buyer shall pay to

Sotheby’s and Sotheby’s shall retain

for its own account a buyer’s premium,

which will be added to the hammer price

and is payable by the buyer as part of the

total purchase price.

The buyer’s premium is 25%of

the hammer price up to and including

€250,000, 20%of any amount in

excess of €250,000 up to and including

€2,500,000, and 13.9%of any amount

in excess of €2,500,000, plus any

applicable VAT or amount in lieu of VAT at

the applicable rate.

VAT RULES

Property with no VAT symbol (Margin

Scheme)

Where there is no VAT symbol,

Sotheby’s is able to use the Margin

Scheme and VATwill not normally be

charged on the hammer price. Sotheby’s

must bear VAT on the buyer’s premium

and hence will charge an amount in lieu

of VAT (currently at a rate of 20%or

5.5% for books) on this premium.This

amount will formpart of the buyer’s

premium on our invoice and will not be

separately identiÞed.

Property with

symbol (property

sold by European Union professionals)

Where there is the

symbol next to

the property number or the estimate,

the property is sold outside the margin

scheme by European Union (EU)

professionals.VATwill be charged to

the buyer (currently at a rate of 20%or

5.5% for books) on both the hammer

price and buyer’s premium subject

to a possible refund of such VAT if the

property is exported outside the EU or if

it is removed to another EU country (see

also paragraph below).

VAT refund for property with

symbol

(for European Union professionals)

VAT

registered buyers from other European

Union (EU) countries may have the

VAT on the hammer price and on the

buyer’s premium refunded if they provide

Sotheby’s with their VAT registration

number and evidence that the property

has been removed from France to

another country of the EU within a month

of the date of sale.

Property with

Ƅ

or

˖

symbols

(temporary importation)

Those

items with the

Ƅ

or

˖

symbols next to

the property number of the estimate

have been imported from outside the

European Union (EU) and are to be sold

at auction under temporary importation.

The hammer price will be increased by

additional expenses of 5.5% (

Ƅ

) or of 20

% (

˖

) and the buyer’s premiumwill be

increased of VAT currently at a rate of

20%.(5.5% for books).These taxes will

be charged to the buyer who can claim

a possible refund of these additional

expenses and of this VAT if the property

is exported outside the EU or if it is

shipped to another EU country (refund of

VAT only on the buyer’s premium in that

case) (cf. see also paragraph below)

VAT refund for non-European Union

buyers

Non-European Union (EU)

buyers may have the amount in lieu

of VAT (for property sold under the

margin scheme) and any applicable

VAT on the hammer price and on the

buyer’s premium refunded if they

provide Sotheby’s with evidence that

the property has been removed from

France to another country outside the

EU within two months of the date of

sale (in the form of a copy of the export

documentation stamped by customs

o|cers, where Sotheby’s appears in Box

44 in accordance with the arrangements

laid down by the notice of July 24th, 2017

of the French Customs Authorities).

Any property which is on temporary

import in France, and bought by a non EU

resident will be subjected to clearance

inward (payment of the VAT, duties and

taxes) upon release of the property. No

reimbursement of VAT, duties and taxes

to the buyer will be possible, except

if written conÞrmation is provided to

Sotheby’s that the temporary imported

property will be re-exported, and that

the French customs documentation

has been duly signed and returned

to Sotheby’s within 60 days after

the sale.After the 60-day period, no

reimbursement will be possible.

General Information

French auction

houses are subject to rules of

professional conduct.These rules

are speciÞed in a code approved by a

ministerial order of 21 February 2012.

This document is available (in French) on

the website of the regularity body www.

conseildesventes.fr

.

A government commissioner at

the

Conseil des ventes volontaires

de meubles aux enchères

publiques

(regulatory body) can be

contacted in writing for any issue and

will assist, if necessary, in Þnding an

amicable solution.

1. BEFORE THE AUCTION

Catalogue Subscriptions

If you would

like to take out a catalogue subscription,

please ring

+33 (0)1 53 05 53 05

; +44 (0)20 7293 5000 or

+1 212 894 7000

or send an email to

:cataloguesales@sothebys.com

.

+33 (0)1 53 05 53 85

.

Pre-sale Estimates

The pre-sale

estimates are intended purely as a guide

for prospective buyers.Any bid between

the high and the low pre-sale estimates

o!ers a fair chance of success. It is

always advisable to consult us nearer the

time of sale as estimates can be subject

to revision.

Condition of the property

Solely as a

convenience, we may provide condition

reports.

All property is sold in the condition in

which they were o!ered for sale with all

their imperfections and defects. No claim

can be accepted for minor restoration or

small damages.

It is the responsibility of the

prospective bidders to inspect each

property prior to the sale and to

satisfy themselves that each property

corresponds with its description. Given

that the re-lining, frames and linings

constitute protective measures and

not defects, they will not be noted.

Any measurements provided are only

approximate.

All prospective buyers shall have the

opportunity to inspect each property

for sale during the pre-sale exhibition

in order to satisfy themselves as to

characteristics, size as well as any

necessary repairs or restoration.

Safety at Sotheby’s

Sotheby’s is

concerned for your safety while on our

premises and we endeavour to display

items safely so far as is reasonably

practicable. Nevertheless, should

you handle any items on view at our

premises, you do so at your own risk.

Some items can be large and/or heavy

and can be dangerous if mishandled.

Should you wish to view or inspect

any items more closely please ask for

assistance from a member of Sotheby’s

sta! to ensure your safety and the safety

of the property on view.

Some items on viewmay be labelled

“PLEASE DO NOTTOUCH”. Should you

wish to view these items youmust ask for

assistance from a member of Sotheby’s

sta!, who will be pleased to assist you.

Electrical and Mechanical Goods

All electrical andmechanical goods

(including without limitation clocks

and watches) are sold on the basis of

their decorative value only and should

not be assumed to be operative. It is

essential that prior to any intended use,

the electrical system is checked and

approved by a qualiÞed electrician.

Copyright

No representations are made

as to whether any property is subject

to copyright, nor whether the buyer

acquires any copyright in any property

sold.

2. BIDDING IN THE SALE

Bids may be executed in person

by paddle during the auction or by

telephone or online, or by a third person

who will transmit the orders in writing

or by telephone prior to the sale.The

auctions will be conducted in Euros.A

currency converter will be operated in

the salesroom for your convenience

but, as errors may occur, you should not

rely upon it as a substitute for bidding

in Euros.

Bidding in Person

To bid in person at the

auction, you will need to register for and

collect a numbered paddle before the

auction begins. Proof of identity and bank

references will be required.

If you wish to bid on a property, please

indicate clearly that you are bidding by

raising your paddle and attracting the

attention of the auctioneer. Should you

be the successful buyer of any property,

please ensure that the auctioneer can

see your paddle and that it is your

number that is called out.

Should there be any doubts as to price

or buyer, please draw the auctioneer’s

attention to it immediately.

Sotheby’s will invoice all property sold

to the name and address in which the

paddle has been registered and invoices

cannot be transferred to other names

and addresses. In the event of loss of

your paddle, please inform the sales clerk

immediately.

At the end of the sale, please return

your paddle to the registration desk.

Bidding as Principal

If you make a bid

at auction, you do so as principal and

Sotheby’s may hold you personally and

solely liable for that bid unless it has

been previously agreed that you do so

on behalf of an identiÞed and acceptable

third party and you have produced a valid

written power of attorney acceptable to

us. In this case, you and the third party

are held jointly and severally responsible.

In the event of a challenge by the third

party, Sotheby’s may hold you solely

liable for that bid.

Absentee Bids

If you cannot attend the

auction, we will be pleased to execute