Kassettenrahmen, Italien 17. Jh.,schwarz gefasst und teils vergoldet, gekehlte Sichtleiste,

Conditions of sale

(The German version of these Conditions is legally binding)

With a personal or written participation in an auction or telecommunication participation, the following Con- ditions are hereby recognized and apply analogously for subsequent private sale.

1. Auctioneer Dr.Achim Stanneck sells by auction on behalf of Werkladen Conzen Kunst Service GmbH (WCKS) and on account of WCKS and its clients, who will not be identified.

2. The auctioneer reserves the right to divide any lot, to combine any two or more lots or, if he has special reason to do so, to offer any lot for sale in an order different from that given in the catalogue or to withdraw any lot from the sale.

3. All lots put up for sale may be viewed and inspected prior to the auction. All items are used goods.The descriptions in the catalogue, which are given to the best of the auctioneer’s knowledge and belief, do not constitute trade descriptions within the meaning of §§ 459 ff. of the German Civil Code.The auctioneer does not assume any liability for faults or defects, but is prepared to forward justified complaints made by the buyer within the statutory warranty of six months to the seller who entered the item or items. Should the demands be successful WCKS will reimburse the buyer. Furthermore, WCKS agrees to reimburse its commission within a given period of three years after the date of sale if the object in question proves not to be authentic.

4. A lot will be knocked down when no overbid has been made after three calls.The auctioneer may accept bids subject to reservation or refuse any bids if he has good reason to do so. If two or more persons bid the same amount simultaneously and no overbid has been made after three calls, lots shall be drawn.The auctioneer may rescind a decision and put the lot up for sale again if a higher bid made in time has been inadvertently overlooked and the auctioneer’s attention is drawn to it by the bidder immediately or if the decision is open to other doubt (§ 2 (4) of the Auctioneers’ Regulations). If a bid has been over- looked, the bidder may only hold WCKS liable in cases of wilfulness or gross negligence. In order to ensure the execution of written or telephonic bids, the aforesaid deposit or confirmation has to be received by the auctioneer at least 24 hours before the auction. Exact details of the person or the name of the bidder and the lot number are required for a valid submission of a written bid. In telephone bidding we assume no responsibility with regard to successful telephone connections.

5. Once a lot has been knocked down, the successful bidder shall be obliged to buy it. From the fall of the hammer, 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.

6. The buyer shall pay a premium of 23,5 percent which includes VAT (margin scheme). For buyers who are entitled to a Pre- Tax Deduction for art and decorative art for all lots invoices can be issued according to the hitherto existing »Regelbes- teuerung« (normal regime).The buyer shall pay a premium of 15 percent on the hammer price; onto this (hammer price and premium) the statutory VAT of 19 percent added.These buyers must identify themselves when receiving their bidding paddle. Exports to third (i.e. non-EC) countries will be exempt from VAT, and so will be exports made by companies from other EC member states if they state their VAT identification number. Persons who have bought an item at an auction and export it as personal baggage to any third country will be refunded the VAT as soon as the form certifying the exportation and the export- er’s identity has been returned to WCKS. Invoices made out during an auction or immediately thereafter will be ‘‘errors ex- cepted’’ and are subject to rechecking.

7. Successful bidders attending the auction in person shall forthwith upon the purchase pay to WCKS the final price (hammer price plus premium and VAT) in cash and in Euro. Payment at a later date or otherwise than in cash will be subject to prior agreement with WCKS. Payments by foreign buyers who have bid in writing or by proxy shall also be due forthwith upon the purchase, but will not be deemed to have been delayed if received within ten days of the invoice date.

8. In default of payment, WCKS will charge interest on the outstanding amount at a rate of 1 percent per month for every month or part thereof. If payment is made in a foreign currency, any exchange rate losses and bank charges shall be borne by the buyer.The same shall apply to cheques, which will not be recognized as payment until FWCKS has received an uncondi- tional credit note from its bank. If the buyer defaults in payment, WCKS may, at its discretion, insist on performance of the contract or, if the buyer still has not paid by the date set by WCKS, claim damages for nonperformance. In the latter case,WCKS may determine the amount of the damages by putting the lot or lots up for sale again and charging the defaulting buyer the difference between the price bid by him and the price realized on the resale if this is lower, plus the cost of the resale includ- ing charges payable by WCKS.

9. Buyers shall take charge of their purchases immediately after the auction. Once a lot has been sold, the auctioneer declines all liability for it. Lots will, however, not be handed over to buyers unless full payment has been received by WCKS, in case of payment by cheque, the total amount has to be unconditionally credited to WCKS’s bank account. Shipment will be effected at the sole expense and risk of the buyer.

10. Place of performance and place of jurisdiction for any legal proceedings including default proceedings shall be Düsseldorf. Legal relations between the auctioneer anda the bidder/purchaser shall be governed by the law of the Federal Republic of Germany; provisions of the Uniform Law on the Formation of Contracts for the International Sale of Goods (ULCIS) and the Uniform Law on International Sales (UCIS) are not applicable. Should any provision hereof become wholly or in part ineffective, the validity of the remaining provisions shall not be affected thereby.The contract shall be governed by German law. In case of dispute, the German version of these Conditions of Sale shall prevail.