The Spirit of the 20th Century

L'Esprit du XXe siècle - Design furniture, art objects, paintings, contemporary art and urban art

- at 10:30 am : lots n°1 to 98

- at 2 pm : from lot n°99

Exhibitions :

Thursday May 26th from 10am to 12pm

and from 2 pm to 6 pm

Director of the Department :

Peggy Balley

Tel: +33 (0)6 83 31 37 44

p.balley@osenat.com

Expert for 20th century decorative arts :

Côme Remy

06 15 04 83 02

come@comeremy.com

THE RESULTS OF OUR SALES ARE INDICATED EXPENSES INCLUDED

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

In addition to each lot’s hammer price, the buyer shall pay the

following fees per lot and on a sliding scale : 20,83% ex. taxes (25 %

inc. taxes) up to 500,000 € included and 15 % ex. taxes (18 % inc. taxes)

above 500 000 €.

- Interencheres Live: an additional buyer commission of 3% excl. Tax (3.59% inclusive of tax) will be added to this commission.

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

- Invaluable : an additional buyer commission of 3% excl. Tax will be added to this commission.

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. 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

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 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.