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Closing of the auctions on July 21st from 2pm

CONDITIONS AND INFORMATION PRINCIPALLY

FOR BUYERS

All property is being offered under French Law and the

conditions printed in this volume. lt is important that you read

the following pages carefully.

The following pages give you as well useful information on how

to buy at auction. Our staff is at your disposal to assist you.

BUYER’S PREMIUM

The purchase price will be the sum of the final bid plus a buyer’s

premium of 24 % inc. taxes.

VAT RULES

Non-European buyers may have all VAT invoiced refunded to

them if they request so in writing to the accounting department

within delay of 3 months of the date of sale, and if they provide

Osenat with the third sample of the customs documentation

(DAU) stamped by customs. Osenat must appear as shipper

on the export document and the buyer as the consignee.

The exportation has to be done within the legal delays and a

maximum of 3 months of the date of sale.

1 - BEFORE THE AUCTION

Pre-sale estimates

The pre-sale estimate are intended as a guide for prospective

buyers. Any bid between the high and the low pre-sale estimates

offers a fair chance of success. lt is always advisable to consult us

nearer the time of sales as estimates can be subject to revision.

Condition of Iots

Solely as a convenance, we may provide condition reports. All the

property is sold in the condition in which they were offered for

sale with all their imperfections and defects.

No claim can be accepted for minor restoration or small

damages.

lt is the responsability of the prospective bidders to inspect

each lot prior to the sale and to satisfy themselves that each

lot corresponds with its description. Given that the re-lining,

frames and finings 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

object for sale during the pre-sale exhibition in order to satisfy

themselves as to characteristics, size as well as any necessary

repairs or restoration.

Sale preview

Pre-auctions viewings are open to the public free of charge.

Osenat 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 you own risk.

2 - BIDDING IN THE SALE

Bids may be executed in person by paddle during the auction or

by telephone, or by third person who vvill transmit the orders

in writing or by telephone prior to the sale. The auctions will be

conducted in euros. A currency converter wili be operated in the

salesroom for your convenience but, as errors may occur, you

should not rely upon it as substituts 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 will be required.

If you wish to bid on a lot, please indicate clearly that you are

bidding by raising you paddle and attracting the attention of

the auctioneer. Should you be the successful buyers of any lot,

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.

We will invoice all lots 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 as principal and we may held

you personally and solely liable for that bid unless it has been

previously agreed that you do so on behalf of an identified and

acceptable third party and you have produced a valid power of

attorney acceptable to us.

Absentee bids

If you cannot attend the auction, we will pleased to execute

written bids on your behalf. A bidding form can be found at

the back of this catalogue. This service is free and confidential.

Lots will be bought as cheaply as is consistent with other bide

and the reserves. In the event of identical bids, the earliest bid

received will take precedence. Always indicate a “ top limit ” -

the hammer price to which you would stop bidding if you vvere

attending the auction yourself

“ Buy ” and unlimited bids will not be accepted.

Orders shall be made in euro.

Written orders may be

- sent by e-mail at contact@osenat.com

- sent by fax to the following number: 00 33 (0) 1 80 81 90 01

- hand delivered to staff on the premises

- sent by post to the offices of Osenat.

You may also bid by telephone. Telephone bids must be

confirmed before the auction by letter, fax or e-mail. These

as well as written bids must be received 24 hours before the

auction so that we can guarantee satisfaction.

Bidding by telephone

If you cannot attend the auction, it is possible to bid on the

telephone. As the number of telephone lines is limited, it is

necessary to make arrangements for this service 24 hours before

the sale.

We also suggest that you leave a covering bid which we can

execute on your behalf in the event we are unable to reach

you by telephone. Osenat Fontainebleau staff are available to

execute bids for you in English.

3 - AT THE Auction

Conditions of sale

As indicated above, the auction is governed by the conditions

printed in this catalogue. Anyone considering bidding in the

auction should read them carefully. They may be amended

by way of notices posted in the salesroom or by way of

announcement made by the auctioneer.

Access to the lots during the sale

For security reasons, prospective bidders will not be able to view

the lots whilst the auction is taking place.

Auctioning

The auctioneer may commence and advance the bidding

at levels he considers appropriate and is entitled to place

consecutive and responsive bids on behalf of the vendor until

the reserve price is achieved.

4 - AFTER THE AUCTiON

Results

If you would like to know the result of any absentee bids which

you may have instructed us to place on your behalf, please

contact:

Osenat - Tél. 00 33 (0)1 64 22 27 62

Fax 00 33 (0)1 64 22 38 94

or: www.osenat.com

Payment

Payment is due immediatly after the sale and may be made by

the following method:

- checks in euro

- cash within the following limits:

- 1.000 euros for trade clients

- 1.000 euros for French private clients

- 15.000 euros for foreign tax nationals (non trade)

- credit cards VISA and MASTERCARD

- Bank transfers should be made to:

HSBC FRANCE

Account holder :

Osenat

5, RUE ROYALE

7730O FONTAINEBLEAU

Domiciliation: HSBC FR PARIS AUBER

Code banque: 30056

Code guichet: 00811

No compte: 08110133135

Clé RIB: 57

International identification:

FR76 3005 6008 1108 1101 3313 557

SWIFT: CCFRFRPP

Siret: 442 614 384 00042

APE 741A0

No TVA intracommunautaire: FR 76442614384

Collection of Purchases – Storage fees

Purchases can only be collected after payment infull in cleared

funds has been made to Osenat.

Purchased lots will become available only afterpayment infull

has been made.

Storage fees will be charged by Osenat to purchasers who have

not collected their items within 15 days from the sale as follows :

- 10 € per day for furniture

- 5 € per day for object or paintings

Export

Buyers should always check whether an export licence

is required before exporting. It is the buyer’s sole

responsibility to obtain any relevant export or import

licence. The denial of any licence or any delay in obtaining

licences shall neither justify the rescission of any sale nor any

delay in making full payment for the lot. Osenat can advise

buyers on the detailed provisions of the export licensing

regulations and will submitt any necessary export licence

applications on request.

However, Osenat cannot ensure that a licence will be obtained.

Local laws may prohibit of some property and/or may prohibit

the resale of some property in the country of importation. As an

illustration only, we set out below a selection of the categories

of works or art, together with the value thresholds above for

which a French «certificat pour un bien culturel» (also known as

«passport») may be required so that the lot can leave the French

territory; the thresholds indicated in brakets is the one required

for an export licence application outside the EU, when the latter

differs from the national threshold.

- Pictures entirely made by hand on any support and of any

material, of more than 50 years of age euros 150,000

- Furniture and objects, carpets, tapestries, clocks of more than

50 years of age euros 50,000

- Watercolors, gouaches and pastels of more than 50 years of

age euros 30,000

- Original sculptures and copies of more than 50 years of age

euros 50,000

- Books of more than 100 years of age

euros 50,000

- Vehicules of more than 75 years of age

euros 50,000

- Drawings of more than 50 years of age

euros 15,000

- Prints, lithographs and posters of more than 50 years of age

euros 15,000

- Photographs, films and negatives of more than 50 years of age

euros 15,000

- Printed maps of more than 100 years of age

euros 15,000

- Incunabula and manuscripts (EU whatever the value is)

euros 1,500

- Archaeology pieces of more than 100 years of age, originating

directly from excavations (1)

- Archaeology pieces of more than 100 years of age, not

originating directly from excavations euros 1,500

- Parts of Historical, Religious or Architectural monuments of

more than 100 years of age (1)

- Archives of more than 50 years of age (EU whatever the value

is) euros 300

(1) Application for licence for these categories is subject to the

nature of the item.

Preemption right

The French state retains a preemption right on certain works

of art and archives which may be exercised during the auction.

In case of confirmation of the preemption right within fifteen

(15) days from the date of the sale, the French state shall be

subrogated in the buyers position.

Catalogue descriptions

OsenatOsenat shall exercise such due care when making

express statements in catalogue descriptions, as amended by

any notices posted in the salesroom prior to the opening of

the auction or by announcement made by the auctioneer at

the beginning of the auction and noted in the minutes of the

sales, as is consistent with its role of an auction house and in the

light of the information provided to it by vendor, of the scientific,

technical and artistic knowledge, and the generally accepted

opinions of relevant experts, at the time any such express

statement is made.