ZWEI KOFFERSTÄNDER, Holz, klappbar, H bis 53,5, B 50, T 68, um 1900 22.00 % buyer's premium on the

Conditions of Sale

The auctions at VON ZENGEN Kunstauktionen GmbH & CO. KG (hereinafter referred to as the „Auctioneer“) are held according to the following conditions, which are accepted by personal, written, telephone, or online participation in the auctions. These conditions apply analogously to the open sale as well as to the after auction sale which are always part of the auction.

I. FUNDAMENTALS OF AUCTION AND QUALITY DEFECTS

1. The auction house takes place in fact in the name and for the account of its clients (sellers). The Auctioneer holds public auctions according to § 383 Paragraph 3 Sub-Clause 1 and § Paragraph 474 Sub 1 of the German Civil Code.

2. All items offered for auction may be viewed and inspected prior to the auction. All items are second-hand and are auctioneered in the state in which they are found at the moment of the auction. The catalogue descriptions are made to the best of the author’s knowledge and belief, as well as additional vocal or written statements. They do not constitute trade descriptions within the meaning of §§ 459 et seq. of the German Civil Code. The auctioneer does not assume any liability for faults or defects. The liability for life, body or health remains unaffected. The same applies to information about geographical provenance of the items. Impairments in the state of the items’ preservation are not stated in every case, so that lack of information likewise does not furnish grounds for an agreement on the quality of items. The agreement on the quality of items is exclusively defined by the authority, the signature and the material of items. Condition reports will be answered as of a limit price of 100 Euros. Furthermore, no warranty of any kind, implied, expressed or statutory, is given by the Auctioneer concerning the functionability or operation of clocks, pendules and watches. The indication „gangbar/going“ in the catalogue description shall only give an orientation to the bidder concerning the apparent functionability and operation of the item(s). A guarantee concerning the authenticity of the single segments of the clockwork as well as the functionability and condition regarding the electricity of lamps, electrical appliances, etc., especially with regard to the safety regulations by VDE (Registered Association of the Electrical, Electronic and Information Technology), is excluded. The buyer shall be responsible for a professional check by an electrician. A legal liability for personal injury is excluded.

3. The auctioneer reserves the right to make corrections to catalogue information. These corrections take the form of written notices posted at the place of the auction and verbal corrections made by the Auctioneer immediately prior to the auction of the specific item. The corrected information takes place of the catalogue descriptions. The auctioneer reserves also the right to combine or separate lot numbers, call them out of sequence, withdraw them if there is a valid reason or auction them off subject to reservation.

4. The Auctioneer assumes no liability for quality defects as long as he has fulfilled his duty of care. This applies analogously to the employees and the members of the auction house. In the event of quality defects claimed within 12 months after the knockdown, the auctioneer shall undertake to assert his claims against the consignor insofar as the buyer has completely paid the Auctioneer’s bill. If claims against the consignor concerning authority, signature and material of items offered in an auction are made successful, the Auctioneer shall refund the purchase price including the buyer’s premium and the VAT to the buyer. For the assertion of a claim for a quality defect and the reverse of a transaction, the auctioneer reserves the right to require, if necessary, the valuation of a recognized expert proving the defect. The costs for such a valuation have to be made at the expense of the buyer. In any case the reverse of a transaction is only possible if the item is still in the original and unchanged condition as it was directly after the sale. In the event of a rescinded transaction and in legitimated cases, the Auctioneer reserves the right to leave the buyer still under obligation to pay the premium as a compensation for the services of the Auctioneer. In all other respects, the Auctioneer shall assume no liability for quality defects.

II. BIDS AND KNOCKDOWN

1. Each bidder must indicate his name and address before the start of the auction. This holds even if he takes part in the auction as a representative. According to this, the bidder must also indicate a telephone number under which he can be reached regularly. We reserve the right to demand references from new clients (copy of the personal identification card, credit card number, references from other auction houses). In singular cases we reserve also the right to demand a cash deposit as a condition for the first time bidders‘ registration. A legal claim for the registration as a bidder is excluded.

2. Bids prior to the auction can be made by written bids or by email. Written bids are only exploited by the Auctioneer to the amount which is necessary to overbid the second highest offer that has been made.

3. In order to ensure that written bids are properly executed, they must be received by the Auctioneer at least 24 hours before the start of the first day of the auction. The bidder is required to provide evidence of the receipt. For the execution of bids which have not been received in time by the Auctioneer, the Auctioneer does not give any warranties.

4. For a written bid to be effective it must contain detailed information on the person or company of the bidder as well as the lot number. The bid is restricted exclusively to the lot number indicated.

5. Telephone bids and online-bids by the internet must be registered in time and approved by the Auctioneer. Telephone bids will be accepted by telephoning the bidder before the desired lot is called. This is only done for lots with a limit price of EUR 250.00 and more. The condition for taking part by telephone is a written notice received by the Auctioneer at the latest 24 hours prior the start of the first day of the auction. Telephone bidding is a voluntary service at no charge of the Auctioneer. The Auctioneer does not give any guarantee for the realization of telephone lines. A legal claim to the realization of this service is excluded. What occurs in the hall shall be binding for the course of the auction. In each case, the bidder is bidding not less than the limit price for the objects and is obliged to buy the objects for the limit price indicated in the catalogue plus buyer’s premium. Telephone biddings below the limit price will be rejected immediately.

6. The knockdown shall follow after the highest bid has been called three times. The Auctioneer can reject bids if there are valid reasons or sell an item under proviso. If several persons make the same bid and no higher bid is made after being called three times, the matter will be decided by drawing lots. If identical written bids are received the knockdown will be granted to the first bid received. If there are doubts regarding whether or to whom the knockdown has been granted, or if a bid submitted on time is overlooked, or if the highest bidder wishes to withdraw his bid, the Auctioneer preserves the right to withdraw the knockdown, which is thereby invalided and to 
offer the item(s) for auction once again. A legal claim to the realization of the previous knockdown is excluded.

7. In order to protect the consigned property, the Auctioneer is entitled to knockdown to the consignor below the agreed limit, regardless whether other bids have been made or not. A reversal is made in this case.

8. The provisions of §§ 312b et seq. regarding distance contracts do not apply concerning written, telephone and online-bids.

III. PURCHASE PRICE AND TURNOVER TAX

1. A knockdown called by the Auctioneer obligates the bidder to accept the item and make payment. From the knockdown on, every lot shall pass into the possession of and be at the sole risk of the buyer, while ownership shall not pass to the buyer until full payment has been received and all claims of the Auctioneer have been settled in full.

2. A buyer’s premium of 22 % is levied on the hammer price. The premium includes the VAT of 19 %. The post auction sale is always part of the auction, in which interested parties place a binding order for submitting bids in a specific amount in writing. The provisions of §§ 312 et seq. regarding distance contracts do not apply.

3. The Auctioneer is not responsible for the organization of export documents. If it should be necessary to obtain customs papers in general or CITES certificates for the purpose of granting special exemption for the prohibition of marketing objects covered by this Convention, then the responsibility and costs for this shall be borne by the buyer.

IV. DUE DATE, PAYMENT AND DEFAULT

1. The total amount including the buyer’s premium and the VAT must be paid by the present purchasers immediately following the knockdown. In this case, payment can be done in cash or by EC-card. Buyers who have submitted written or telephone bids, have to pay the purchase price and the total amount upon receipt of the invoice and within 
10 days.

2. In the case of bank draft and payments made in foreign currencies, any exchange losses and currency conversion fees must be borne by the buyer. Credit Cards, PayPal and Cheques are not accepted.

3. In order to protect the rights of the consignor’s property, the Auctioneer also reserves the right to lodge claims against the buyer for culpable neglect of duties.

4. Ownership of the auctioned property only passes to the buyer when all claims of the Auctioneer have been settled in full.

5. In the case of payment delay, the buyers must pay default interest in accordance of the discount rate of the European Central Bank. The Auctioneer is also entitled, if necessary, to demand reimbursement of the specific damages incurred. These damages may be calculated in such a way that the item in question may be re-auctioned in another auction with a limit determined at the dutiful discretion of the Auctioneer and the defaulting buyer will be liable for any reduced proceeds in comparison with the previous auction and also for the costs of the repeat auction and including the commission and disbursements of the Auctioneer. The defaulting buyer will not be entitled to any additional proceed in this case. His rights in connection with the previous knockdown will lapse currently with the new knockdown.

6. Invoices issued during or immediately following the auction require verification; changes and mistakes reserved.

V. COLLECTING, SHIPPING AND STORING ITEMS

1. The storing of items including fees and all risks following the knockdown are always on behalf of the buyer. The risk of fortuitous loss or fortuitous deterioration of the property passes to the buyer simultaneously with the knockdown. The Auctioneer is entitled to demand a cost reimbursement of EUR 5 per day and lot and EUR 10 per day and lot from the buyer concerning furniture and items of similar dimensions regarding lots which have not been picked up 4 weeks after the auction.

2. The buyer is obliged to take receipt of the property items immediately after the auction. The packing, insurance and shipment of auctioned items shall be made at the cost and risk of the buyer. The customer shall immediately examine the objects delivered with regard to potential losses during transportation or other external defects and report these immediately to the shipping company. Later reclamations cannot be accepted.

VI. GENERAL

1. All legal relationships between the bidder or buyer and the Auctioneer and the consignor are covered by these Conditions. By making a bid (concerning also biddings beyond the auction itself), the buyer accepts the conditions of the Auctioneer without any restrictions. There are no ancillary verbal agreements. Changes must be made in writing to be effective. The original German Version of the Conditions shall be authoritative.

2. As long as the catalogue owner, the participant of the auction and the bidder do not express themselves otherwise, they affirm hereby that they purchase and use the catalogue and the items published in the catalogue containing an eventual provenience of the Third Reich only for purposes of the civic enlightenment, the defense of unconstitutional efforts, the art or the science, the research or the teachings, the reporting over procedures of history or similar purposes (in accordance to §§ Paragraph 86a, 86 of the Penal Code). The Auctioneer shall reserve the right to sell and offer relevant items exclusively on this basis.

3. The place of fulfillment and legal venue, if such can be agreed, is BONN. German laws shall apply exclusively. The United Nations Convention on Contracts for the International Sale of Goods (CISG) shall not apply.

4. Every visitor – especially during the viewing – shall be held responsible for any damage caused in our premises.

5. If one or more provisions of these Assignment Conditions are wholly or partially invalid, the validity of the other provisions will remain in full force and effect. “If the invoice remains unpaid for more than two months the buyers claims onto his purchase will expire in any case.

VII. Data Privacy Declaration Legal Disclaimer

The buyer agrees that his personal data shall be stored electronically by VON ZENGEN Kunstauktionen GmbH & Co. KG due to the fulfillment and performance of the contractual relationship(s) between the buyer and the auctioneer and in regard of information concerning future auctions. If necessary, the buyer agrees to the disposal of his personal data to a third party (e.g. transport and shipping companies) exclusively in order to fulfill his contractual obligation. Should the buyer not meet and fulfill his contractual obligations, then he consents to this fact being added to a list which will be accessible to all auction houses of the Bundesverband Deutscher Kunstversteigerer e.V. until revocation. Further to this, in spite of careful consideration, VON ZENGEN Kunstauktionen does not undertake any liability for external links on its homepage.