Étude d'arbres en bord de rivière, circa 1875 Papier salé. 2 - Lot 123

Art, Nature et Ecologie Expositions Publiques: Vendredi 7 décembre 2007 : 14 h 00 - 18 h 00 Samedi 8 décembre 2007 : 10 h 00 - 18 h 00 Dimanche 9 décembre 2007 : 10 h 00 - 12 h 00 Experts: Anne LAMORT Tél. 01 42 24 11 41 Email : librairie@anne-lamort.com Lots 31 à 54 Axel BARAT Tél. 06 27 36 54 79 Email : axel-barat@wanadoo.fr Lots 55, 57 Marie-Claire COTINEAU Tél/Fax : 01 42 60 34 84 Email : marieclaire.cotinaud@wanadoo.fr Lot 72

Conditions de Vente Indications du catalogue Les indications portées sur le catalogue sont établies par la Société Osenat Fontainebleau avec la diligence requise pour une société de ventes volontaires de meubles aux enchères publiques, sous réserve des rectifications affichées dans la salle de vente avant l'ouverture de la vacation ou de celles annoncées par la personne habilitée à diriger la vente en début de vacation et portées sur le procès-verbal de la vente. Les indications seront établies compte tenu des informations données par le vendeur, des connaissances scientifiques, techniques et artistiques et de l'opinion généralement admise des experts et des spécialistes, existantes à la date à laquelle lesdites indications sont établies. CONDITIONS AND INFORMATION PRINCIPALLY FOR BUYERS All property is being offered under French Law and the conditions printed in this volume. It 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 as listed at the front of this catalogue under Sales. Enquiries and information will be happy to assist you. BUYER'S PREMIUM The buyer shall pay to OSENAT FONTAINEBLEAU shall retain for its own account, a buyer's premium on the hammer price equal to 17 % ex. taxes, i.e. 20,33 % incl. taxes on the first tranche up to 150 000 euros and equal to 12 % ex. taxes, i.e. 14,35 % incl. taxes on the tranche exceeding 150 001 euros. VAT RULES VAT registered buyers from other European Union (EU) countries may have the VAT on the hammer price with their VAT registration number and evidence that the property has been removed from France to the another country of the EU within a month 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. It is always advisable to consult us nearer the time of sales as estimates can be subject to revision. Condition of lots 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. It 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 linings 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 erach 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. Safety of lots OSENAT FONTAINEBLEAU 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 will transmit the orders in writing or by telephone prior to the sale. The auctions will be conducted in euros. A currency converter will be operated in the salesromm for your convenience but, as errors may occur, you should not rely upon it as substitute 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 acutioneer. 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 bids 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 if you were attending the auction yoursel. « Buy » and unlimited bids will not be accepted. Any written bids may be : - Sent by facsimile to 00 33 (0)1 64 22 38 94 - Given to staff at the Client Service Desks - Posted to the Paris offices of OSENAT FONTAINEBLEAU - Hand delivered to the OSENAT FONTAINEBLEAU Telephoned absentee bids must be confirmed before the sale by letter or fax. Fax number for bids only (see above). To ensure a satisfactory service to bidders, please ensure that we receive your written bids or your written confirmation of telephoned absentee bids at least 24 hours before the sale. 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 biddfers 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 know the result of any absentee bids which you may have instructed us to your behalf, please telephone as 15 December 2007 only : OSENAT FONTAINEBLEAU 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 methods : Euro Banker's Cheque Credit cards except American Express Card Cash in euros (with condition). Cash in euros : for professionals to an equal or below amount of 750 euros per sale. Cashiers for the payment of Purchases are located at : OSENAT FONTAINEBLEAU Bank transfers should be made to : SOCIÉTÉ GÉNÉRALE - 102, rue Grande, 77300 FONTAINEBLEAU Titulaire du compte : STÉ DE VENTES JEAN-PIERRE OSENAT 5, RUE ROYALE 77300 FONTAINEBLEAU Domiciliation : FONTAINEBLEAU Code banque : 30003 Code guichet : 01312 No compte : 00020363078 Clé RIB : 65 Identification internationale : FR76 30003 01312 00020363078 65 SWIFT : SOGEFRPP Siret : 44261438400018 APE 741AO No TVA intracommunautaire : FR 76442614384 Collection of Purchases Purchases can only be collected after payment in full in cleared funds has been made. All lots will be available during, or after each session of sale on presentation of the paid invoice with the release authorisation from the Accounts Office. We encourage buyers to make arrangements to collect their lots after the sale. Export The export of any mot from France or import into any other country may be subject to one or more export or import licences being garanted. It is the buyer's responsibility to obtan any relevant export or import licence. Buyers are reminded that lots purchased must be paie for immediately after the auction. The denial of any export or import licence required or any delay in obtaining such licence cannot justify the cancellation of the sale or any delay in making payment of the total amount due. Sold lots will only be delivered to the buyer or sent to the buyer at their expense, following his/her written instructions, once the export formalities are complete. An EU Licence is necessary to export from the European Community cultural goods subject to the EU Regulation on the export of cultural property (EEC No 3911/92, Official Journal No L395 of 31/12/92). A French Passport is necessary to move from France to another Member State of the EU cultural goods valued at or above there evant French Passport threshold. A French Passport may also be necessary to export outs the European Community cultural goods valued at or above the relevant French Passport limit but below the EU Licence limit. The following is a selection of some of the categories and a summary of the limits above which either an EU Licence or a French Passport is required : - Watercolours, gouaches and pastels more than 50 years old 30 000 euros - Drawings more than 50 years old 15 000 euros - Pictures and paintings in any medium on any material more than 50 years old (other than watercolours, gouaches and pastels above mentioned) 150 000 euros - Original sculpture or statuary and copies produced by the same process as the original more than 50 years old 50 000 euros - Books more than 100 years old singly or in collection 50 000 euros - Means of transport more than 75 years old 50 000 euros - Original prints, engravings, serigraphs and lithographs with their respective plates and original posters 15 000 euros - Photographs, films and negatives there of 15 000 euros - Printed maps more than 200 years old 15 000 euros - Incunabula and manuscripts including maps and musical scores singly or in collections * - Archeological items more than 100 years old * - Dismembered monuments more than 100 years old * - Archives more than 50 years old * - Any other antique items more than 50 years old 50 000 euros (* A licence will be required in most instances, irrespective of value). 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 buyer's position. Catalogue descriptions OSENAT FONTAINEBLEAU shall exercise such due care when making express statements in catalogue descriptions, as amended by any sale room notices posted in the sale room 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