M1016, FINE JEWELLERY

GENERAL TERMS AND CONDITIONS OF PUBLIC AUCTION Updated on March 23, 2017 Artcurial SAS is an operator of voluntary sales of furniture by public auction governed by articles L 312-4 and following of the Commercial Code. In this capacity Artcurial SAS acts as the agent of the seller who contracts with the buyer. the relations between Artcurial SAS and the purchaser are subject to the present general conditions of purchase which may be amended by written or oral opinions before the sale and which will be mentioned in the sales report. 1 - Property for sale Potential buyers are encouraged to examine items that may be of interest to them prior to the auction, including during exhibitions. Artcurial SAS is at the disposal of potential purchasers to provide them with reports on the status of the lots. The descriptions of the lots resulting from the catalog, reports, labels and verbal announcements or announcements are only the expression of Artcurial SAS's perception of the lot but can not constitute proof of a fact. The information given by Artcurial SAS on the existence of a restoration, accident or incident affecting the lot is expressed in order to facilitate its inspection by the potential buyer and remains subject to his personal or business judgment. his expert. The absence of any indication of restoration of an accident or incident in the catalog, reports, labels or verbally does not imply that a good is free from any present, past or repaired defect. Conversely, the mention of any defect does not imply the absence of any other defects. The estimates are provided for information only and can not be considered as implying that the property will be sold at the estimated price or even within the range of estimates. The estimates do not constitute any guarantee. Estimates may be provided in several currencies; the conversions can be rounded differently from the legal districts. 2 - The sale In order to organize sales, prospective purchasers are invited to make themselves known to Artcurial SAS before the sale, in order to allow the recording of their personal data. Artcurial SAS reserves the right to ask any potential purchaser to prove his identity and his bank references and to make a deposit. Artcurial SAS reserves the right to prohibit access to the sales room of any potential purchaser for just cause. Any person who is a bidder undertakes to pay personally and immediately the auction price plus the expenses incurred by the purchaser and any taxes or charges that may be payable. Any bidder is deemed to act for his own account, unless previously denounced as an agent on behalf of a third party, accepted by Artcurial SAS. The normal mode for bidding is to be present in the auction room. However, Artcurial SAS will be free to accept bidding by telephone from a potential purchaser who will have appeared before the sale. Artcurial SAS can not be held liable, especially if the telephone connection is not established, is established late, or in case of errors or omissions relating to the reception of the auctions by telephone. For all purposes, Artcurial SAS reserves the right to record telephone calls during the sale. The recordings will be kept until the price is settled, unless disputed. Artcurial SAS will be free to execute bid orders which have been sent to it before the sale, for which it reserves the right to request and accept a guarantee. If the lot is not awarded to this bidder, the security deposit will be returned within 72 hours. If Artcurial SAS receives several orders for identical bid amounts, the oldest order will be preferred. Artcurial SAS can not be held liable in particular for any error or omission in execution of the written order. In the event that a reserve price is stipulated by the seller, Artcurial SAS reserves the right to bid on behalf of the seller until the reserve price is reached. On the other hand, the seller is not authorized to carry out auctions directly or through an agent. The reserve price may not exceed the low estimate listed in the catalog or modified publicly prior to the sale. Artcurial SAS will conduct the sale on a discretionary basis, ensuring freedom of bidding and equality among all bidders, while respecting established practices. Artcurial SAS reserves the right to refuse any bid, to organize the auction in the most appropriate way, to move certain lots at the time of sale, to withdraw any lot from the sale, to collect or separate lots. In the event of dispute Artcurial SAS reserves the right to designate the successful tenderer, to continue the sale or to cancel it, or to hand over the lot for sale. Subject to the decision of the person directing the sale for Artcurial SAS, the successful bidder will be the person who will have carried the highest bid provided that it is equal to or greater than the reserve price, if any. The hammer blow will materialize the end of the auction and the pronouncement of the word "adjudé" or any other equivalent will result in the formation of the contract of sale between the seller and the last bidder selected. The successful tenderer will be able to obtain delivery of the lot only after payment of the full price. in the case of the delivery of an ordinary check, only the cashing of the check will be settled. Artcurial SAS reserves the right to issue the prize only after cashing the check. To facilitate the calculation of potential purchasers, Artcurial SAS may be led to use as a guide a currency conversion system. Nevertheless, auctions may not be carried in foreign currency, and Artcurial SAS can not be held liable for errors in conversion. Artcurial Live Bid is a free service, Artcurial SAS accepts no liability for failure to perform an order or for errors or omissions that may arise in connection with this service, including: - loss of internet connection - failure or problem with online auction software - hardware and / or system compatibility issues 3 - Execution of the sale In addition to the price of the tender, the successful tenderer (purchaser) shall pay the following fees and taxes by lot and by degressive tranche: 1) Lots coming from the EU: ? From 1 to 150 000 ?: 25% + VAT at the current rate. ? From 150,001 to 1,200,000 ?: 20% + VAT at the current rate. ? More than ? 1,200,001: 12% + VAT at the current rate. For the costs and conditions of sale related to the sales of Automobiles of Collection, Automobilia, Comics, Wines and Spirits, sales taking place at Hotel Drouot , refer to point 7 and following of the General Conditions of Purchase 2) Lots from outside the EU: (indicated by ¤ on the website). To the above mentioned commissions and taxes, import charges should be added (5.5% of the auction price, 20% for jewelery and watches, automobiles, wines and spirits and multiples) . 3. VAT on commissions and import charges may be surrendered to the successful tenderer on presentation of proof of export outside the EU. The successful tenderer with an EU VAT number and a document proving the delivery in his Member State will be able to claim VAT on commissions. The payment of the prize will take place in cash, for the full price, fees and taxes, even if it is necessary to obtain an export license. The successful tenderer may pay by the following means: - In cash: up to 1 000 euros fees and taxes included for French nationals and persons acting on behalf of an enterprise, 15 000 euros fees and tax included for foreign nationals on presentation of their identity papers; - By check drawn on a French bank on presentation of an identity document and, for any legal person, a KBis extract dated less than 3 months (checks drawn on a foreign bank are not accepted); - Wire Transfer ; - By credit card: VISA, MASTERCARD or AMEX (in case of payment by American Express card, an additional fee of 1.85% corresponding to the collection costs will be collected). Artcurial SAS shall be entitled to reproduce on the sale report and on the tender notice the information which the successful tenderer has provided before the sale. Any false indication shall be binding on the successful tenderer. In the event that the successful tenderer has not registered before the sale, he must provide the necessary information at the time of the award of the tender. Anyone who has registered with Artcurial SAS has the right to access and rectify the personal data provided to Artcurial SAS under the terms of the Law of 6 July 1978. It will be up to the successful tenderer to have the lot insured at the time of tender. Artcurial SAS shall not be entitled to recover damages arising from the theft, loss or degradation of its lot after the award of the contract, the compensation it receives from the insurer of Artcurial SAS would be proven insufficient. The prize will be issued to the purchaser only after full payment of the prize, fees and taxes. In case of payment by check, the batch will be issued only after final check cashing, ie 8 working days from the deposit of the check. In the meantime, Artcurial SAS may invoice the purchaser for the costs of storing the lot, and possibly handling and transport costs. In the absence of payment by the successful tenderer, after formal notice has remained unsuccessful, the goods shall be put up for sale at the request of the seller on the fault of the successful tenderer; if the seller does not make such an application within three months of the date of the tender, the sale shall be resolved ipso jure, without prejudice to damages due by the successful tenderer. In addition, - Interest at the legal rate plus five points, - The reimbursement of the additional costs caused by default, - Payment of the difference between the initial auction price and the auction bid price if it is lower, as well as the costs generated by the new auctions. Artcurial SAS also reserves the right to make any compensation with sums owed to the defaulting bidder. Artcurial SAS reserves the right to exclude from its future sales any successful bidder who has failed or has not complied with these general conditions of purchase. Purchases that have not been withdrawn within seven days of the sale (Saturday, Sunday and public holidays) may be transported to a storage location at the expense of the defaulting purchaser who will have to pay the corresponding cost in order to withdraw the lot, in addition to the price, fees and taxes. The purchaser will be able to obtain a certificate of sale at his request which will be charged to him the sum of 60 euros including tax. 4 - Incidents of the sale In the event of dispute Artcurial SAS reserves the right to designate the successful tenderer, to continue the sale or to cancel it, or to hand over the lot for sale. In the event that two persons have bought identical bids by voice, gesture or telephone and at the same time claim the benefit of the auction after the hammer blow, the goods will be immediately put back for sale at the price offered by the last bidders, and all the public present will be able to carry out new auctions. To facilitate the presentation of goods during sales, Artcurial SAS may use video means. in the event of an error in handling which may lead during the sale to present a property different from the one on which the auctions are carried, Artcurial SAS can not be held liable, and will be sole judge of the need to repeat the auction. 5 - Preemption of the French State The French state has a right of preemption of the works sold in accordance with the texts in force.? The exercise of this right occurs immediately after the hammer blow, the representative of the state then demonstrating the will of the latter to replace the last bidder, and to confirm the preemption within 15 days. Artcurial SAS can not be held responsible for the conditions of preemption by the French state. 6 - Intellectual property - reproduction of works Artcurial SAS owns the right to reproduce its catalog. Any reproduction of this one is forbidden and constitutes an infringement to its prejudice. ?Furthermore, Artcurial SAS has a derogation allowing it to reproduce in its catalog the works put up for sale, even though the right of reproduction would not have fallen into the public domain. ?Any reproduction of the catalog of Artcurial SAS can therefore constitute an illicit reproduction of a work exposing its author to prosecution for infringement by the titulary The sale of a work does not imply for the benefit of its owner the right of reproduction and presentation of the work. 7 - Goods subject to special legislation The above conditions apply to sales of all specialties. However, the commissions that the buyer will have to pay in addition to the bids by lot and by sliding scale will be the following: Automobiles of Collection ? from 1 to 900,000 ?: 16% + VAT at the current rate ? Over 900,000 ?: 12% + VAT at the current rate Only the authenticity of the vehicles is guaranteed, taking into account any reservations made in the description. Vehicles are sold as is. the information in the catalog is given as an indication. Indeed, the condition of a car can vary between the moment of its description in the catalog and that of its presentation for sale. Since the pre-sale exposure takes place over several days and makes it possible to be aware of the condition of the vehicles, no claims will be accepted once the tender has been awarded. For administrative reasons, the designations of the vehicles shall, with certain exceptions, include the particulars shown on the road credentials. In view of the possible change in the condition of the cars, as stated in (b), it is specified that the price ranges are given only for the strictly indicative and provisional purposes. on the other hand, the estimates will be posted at the beginning of the exhibition and, where appropriate, publicly corrected at the time of sale and recorded in the minutes of the exhibition. Purchasers are deemed to have read the documents relating to each vehicle, in particular the technical controls available to them from the sales company. However, vehicles may be sold without having undergone a technical examination because of their age, non-rolling condition or competition character. The public will have to inquire at the time of the exhibition and the sale. The vehicles (indicated by ¤ on the website) have been entrusted to Artcurial SAS by non-Community owners. Purchasers will have to pay a VAT of 5.5% for vintage vehicles and 20% for vehicles which do not meet the criteria for collector cars in addition to the auctions, which may be reimbursed to non - export within one month after the sale, failing which the VAT can not be refunded. The change of registration of the vehicles is at the expense and under the sole responsibility of the buyer, in particular within the respect of the legal deadlines. The removal of the vehicles must imperatively be made the day after the sale at the latest. After this period, they will remain at the expense, risk and peril of their owner. (These conditions being variable, please see the General Conditions of Purchase which apply to the sale you are interested in, the General Conditions of Purchase are at the end of the catalog of sale .pdf or paper). Wine & Spirits In addition to the price of the tender, the successful tenderer (purchaser) will have to pay by lot and by degressive tranche the following commissions and taxes: 1) Lots coming from the EEC: 20% + VAT at the current rate 2) source outside the EEC: (indicated by ¤ on the website). To the above mentioned commissions and taxes, import charges (5.5% of the auction price, 20% for jewelery and watches, automobiles, and spirits and multiples) must be added. Sales taking place at Hotel Drouot ? Lots coming from the EU: 23% + VAT at the current rate. ? Lots from outside the EU: (indicated by ¤ on the website). To the above mentioned commissions and taxes, import charges (5.5% of the auction price, 20% for jewelery and watches, automobiles, and spirits and multiples) must be added. Sales taking place in Monte-Carlo See the conditions of sales Automobiles de Collection Consult the terms and conditions for the sale of Collection watches Consult the sales conditions Jewelery See sales conditions Hermès Vintage 8 - Withdrawal of lots The purchaser will be responsible for ensuring its acquisitions, and Artcurial SAS declines any responsibility for the damage that the object could incur, as soon as the tender has been awarded. All formalities and transport are at the exclusive charge of the purchaser. 9 - Independence of provisions The provisions of these general conditions of purchase are independent of one another. The nullity of any provision can not lead to the inapplicability of the others. 10 - Legislative and judicial powers In accordance with the law, it is specified that all civil liability claims made in connection with prizes and voluntary and judicial sale of furniture by public auction may be forfeited within five years from the date of the adjudication or the prize. The French law alone governs the present general conditions of purchase. Any dispute relating to their existence, their validity, their opposability to any bidder and purchaser, and their execution will be settled by the competent court of the jurisdiction of Paris (France). Protection of cultural property Artcurial SAS takes part in the protection of cultural property and makes every effort to ensure the provenance of the lots put up for sale in this catalog. Any consignment containing an ivory item from Africa or Asia, irrespective of its date of execution or certificate of origin, may not be imported into the United States under the legislation applied therein . It is indicated by a (?).