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 20 % inc. taxes. of the excess of the hammer price included until 500,000 Euros and 11 % ex. taxes (13,20% incl. taxes) of the excess of the hammer price included from 500,000 Euros. Automobilia : 20% H.T. (24% incl. taxes) Interencheres Live: an additional buyer commission of 3% excl. Tax (3.59% inclusive of tax) will be added to this commission, increase of 35 EUR HT per vehicle (i.e. +24 EUR TTC per vehicle).

Drouot Live: an additional buyer fees of 1.5% excl tax per lot will be charged (1.8 %inc tax).

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.

Please note that bank fees for VAT refund will be borne by the customer

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. 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 .

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. 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

9-11, 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 .

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 or cars

- 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. can advise buyers on the detailed provisions of the export licensing regulations and will submitt any necessary export licence applications on request.

However, 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

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.

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