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IMPORTANT NOTICE TO BUYERS on

STORAGE & COLLECTION OF PURCHASES

Potential purchasers are invited to examine and assess the condition of items they may wish to buy before the auction, notably during the pre-sale viewing. PIASA is happy to provide condition reports for individual lots upon request. No claims will therefore be entertained after the fall of the hammer.

1 –BULKY ITEMS (furniture, pictures & objects) purchased at auction, and not collected from the saleroom by 10am the day after the sale, will be stored in Basement Level 3 at the Hôtel Drouot, and can be collected at the following times : Monday - Friday : 1pm / 5:30pm Saturday : 8am -10am Warehouse:

6 bis, rue Rossini 75009 Paris - Tel. : +33 (0)1 48 00 20 56

The bordereau (bidding slip), indicating proof of payment, must be presented when property is collected. Storage costs are due at the current rate.

2 – SMALL ITEMS purchased at auction and not collected after the sale will be transported to the PIASA offces and kept free of charge for a fortnight. Thereafter the purchaser will be charged storage costs at the rate of € 3 + tax, per day and per lot.

3 - INSURANCE

At the fall of the hammer the title of property shall be transferred to the purchaser, who assumes immediate responsibility for insurance. Uncollected property will be stored at the buyer’s risk and expense. PIASA declines liability for lots placed in storage.

ESTIMATES

An estimate in euros of the likely sale price is published after each lot. This is provided for indication only. The hammer price may of course be above or below this estimate.

CONDITIONS OF SALE

The highest and fnal bidder is deemed to be the purchaser, and must provide his/ her name and address.

No lot will be transferred to the purchaser before it has been paid for in full. In the event of payment by cheque or bank transfer, property may be withheld until payment has been cleared. Any storage costs that may result are to be paid by the purchaser.

In addition to the amount of the winning bid, the following premium per lot is also due:

BUYER’S PREMIUM

27.508 % inc. tax, up to 15.000 € (23 % + VAT 19.6 %) 23.92 % inc tax, from 15.001 € to 600.000 € (20 % + VAT 19.6 %) 14.352 % inc. tax, above 600.000 € (12 % + VAT 19.6 %) For books:

24.265 % inc. tax, up to 15.000 € (23 % + VAT 5.5 %) 21.10 % inc tax, from 15.001 € to 600.000 € (20 % + VAT 5.5 %) 12.660 % inc. tax, above 600.000 € (12 % + VAT 5.5 %)

Lots preceded by the symbol ƒ are subject to an additional premium of 5.5 % + VAT (6.578 % inc. VAT) on the hammer price. Lots preceded by the symbol • are subject to an additional premium of 19.6 % + VAT (23.44 % inc. VAT) on the hammer price. In some instances these additional costs may be reimbursed. For further information, please call our accounts departement on +33 (0)1 53 34 10 17.

In the event of a dispute at the fall of the hammer, i.e. if two or more bidders simultaneously make the same bid, either vocally or by sign, and claim title to the lot after the word « adjugé » has been pronounced, the said lot shall be immediately reoffered for sale, at the price of the fnal bid, and all those present may take part in the bidding.

Any changes to the conditions of sale or to the descriptions in the catalogue shall be announced verbally during the sale, and appended to the offcial sale record (procès-verbal).

PAYMENT

1) the sale shall be conducted in euros. All payments must be effected in the same currency.

2) payment is due immediately after the sale.

3) property may be paid for in the following ways : - by credit card in the saleroom (VISA or MASTERCARD) - by crossed cheque in euros, upon presentation of valid proof of identity - by bank transfer in euros:

Code SWIFT : BNPPARB Paris A CENTRALE FR Numéro de compte international (IBAN) :

FR 76 3 000 4008 2800 0105 9294 176 BIC (Bank identifcation Code) : BNPAFRPPPAC

PIASA SA DEPOT CLIENT : 16 boulevard des Italiens 75009 Paris SVV ART L 321 6 CC

Code banque Code guichet Numéro de compte clé 3 0004 00828 00010592941 76

4) wherever payment is made by cheque from a foreign bank account, the purchase will not be delivered until Piasa receives the bank agreement.

5) in cash :

- up to € 3 000 (inc. premium) for French citizens or professionnal activities. - up to € 15 000 (inc. premium) for foreign non professional citizens upon presentation of valid proof of identity.

PIASA’s Buyers’Accounts Department is open weekdays 9am - 6pm. (tel +33 (0)1 53 34 10 17)

ABSENTEE BIDS

Bidders unable to attend the sale must complete the absentee bid form in this catalogue. PIASA will act on behalf of the bidder, in accordance with the instructions contained in the absentee bid form, and try to purchase the lot(s) at the lowest possible price, in no circumstances exceeding the maximum amount stipulated by the bidder.

Written absentee bids and telephone bidding are services provided for clients. PIASA and its employees decline responsibility for any errors or omissions that may occur. Should two written bids be identical, the frst one shall take precedence. Telephone bids are not accepted for lots estimated less than € 300.

CONDITIONS OF SALE

PIASA ON LINE

If you wish to receive information about our sales, please contact: contact@piasa.fr quoting your name, address, telephone number, and felds of interest.

To print out absentee bid forms and consult our catalogues and auction results, please visit our website: www. piasa.fr