SIGNAC (Paul). - Lot 28

CONDITIONS AND INFORMATION 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 25 % ex. taxes (30 % incl. taxes)

- 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.

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.

Information provided by about restorations,

accidents or incidents affecting the lots are only made to

facilitate inspection by the prospective buyer and remain

subject to his personal appreciation and that of his expert.

The absence of information provided about a restoration, an

accident or any incident in the catalog, in the condition reports,

on the tags or given orally, dOEs not imply that the lot concerned

is free of defect, past or repaired. On the opposite, the mention

of a default dOEs not imply the absence of any other one.

The successful bidder will only get the delivery of his purchase

after payment of the full price. In the case where a simple check

has been provided for payment, lots shall not be delivered

before the check has been cashed.

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

Osenat 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 générally accepted

opinions of relevant experts, at the time any such express

statement is made.