JEWELRY, LUXURY BAGS AND SILVERWARE

GENERAL TERMS AND CONDITIONS OF SALE 1. CONDITIONS AND INFORMATION FOR BUYERS All goods are being sold according to Luxembourg Law and the conditions mentionned in the volumes and hereafter. The Auction House insists on the highly informative character of the information indicated below. Besides the terms of sale, "buyers" can find information on the auction?s bidding methods. Our staff is obviously at your disposal to inform you and assist you if necessary. The sale takes place through the bidding system, with cash payment. All goods are sold voluntarily and not the result of a forced sale. 2. BUYER'S PREMIUM In addition to each lot?s hammer price, the buyer will pay fees to the Auction House KANERZ ART. These fees are considered part of the purchase price. The fee is : From 1 to 999 ?, 28%, From 1.000 to 9.999 ?, 26 % From 10.000 to 49.999 ?, 24%, From 50.000 to 499.999 ?, 22 %, Over 500.000 ?, 19%. 3. VAT RULES Non-European buyers may have all regularly invoiced VAT refunded if they request so in writing to the accounting department within 48 hours of the date of sale and in accordance with the legal requirements in application inside the European Union. 4. BEFORE THE AUCTIONS 4.1. PRE-SALE ESTIMATES The pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and the low pre-sale estimate offers a fair chance of success. The pre-sale estimates are established on the basis of experts? evaluations, or the accepted market value for the corresponding object. 4.2. CONDITION OF LOTS All goods are sold in the condition in which they were submitted to the sale without warranty. 4.3. SALE PREVIEW Pre-auctions viewings are open to the public free of charge. The Auction House cares for your safety while on our premises and we endeavour to display items safely so far as is reasonably practicable. Unsupervised handling of any items on display at our premises is carried out at your own risk. 5. BIDDING IN THE SALE Bids may be executed in person by paddle during the auction or by telephone, or by third person. The auctions will be conducted in euros. 5.1. 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 your paddle and attracting the attention of the auctioneer. Should you be the successful buyer 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 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. 5.2. BIDDING AS PRINCIPAL If you make a bid at auction, you do as principal and we may hold you personally and solely liable for that bid. Each buyer is deemed to act in his own name, even for personal properties which he would be acquired of the name of an agent. The buyer will communicate to the bailiff his name, his address and possibly any information that would be requested by the bailiff. 5.3. ABSENTEE BIDS If you cannot attend the auction, we will be pleased to execute written bids on your behalf. For first-time customers of the Auction house, orders must be accompanied with a copy of your ID card and with your banking references. A bidding form can be found at the back of each catalogue. This service is free and confidential. Lots will be bought as cheaply as is consistent with the 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 stop bidding if you were 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 hand delivered to staff on the premises during the sale preview or just before the sale Put down via the platforms of on-line bids Auction.fr/Lotissimo.de following the modalities stipulated on these sites. The Auction House takes extreme care in the processing of written bids. However, it cannot be held responsible for errors of transcription of lots on the Bid form. In case of discrepancy between the number of a lot and its description, it is the number of the lot that will be taken into account for the execution of the order. It is the sole responsibility of the contractor to be extremely vigilant in this respect. 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. 5.4. BIDDING BY TELEPHONE If you cannot attend the auction, it is possible to bid by 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. Auction house staff are available to execute bids for you in English, German, French or Luxembourgish. Any request of a telephone line automatically implies the commitment to the opening bid (see the part ?Auctioning?). 5.5. BIDDING VIA THE DEDICATED AUCTION WEB SITE AUCTION.FR The web site AUCTION.FR also allows direct bidding to the Auction House. 6. AT THE AUCTION 6.1 CONDITIONS OF SALE The auction is governed by the conditions of sale. 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 announcements made by the auctioneer. 6.2. 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. 6.3. 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. The bids will begin between 2/3 and ¾ of the low estimation in the free appreciation of the person authorized to manage the auction. If it is established that 2 or several bidders simultaneously carried an equivalent bid on the same object, either aloud, or by sign, and that they demand at the same time this object after the pronouncement of the auction, the aforementioned object will immediately be put back on sale at the price of the highest bid, and the public will be allowed to outbid again. In case of equal bids between a written order placed beforehand with the Auction house and an order in the room, the order in the room will take priority. No complaint will be acceptable once the auction award has been pronounced. The person authorized to manage the sale reserves the right to refuse any bid, to take any decision, meeting or withdrawal of lots without having to motivate their decision. In case of error of auction, the lot will immediately auctioned again. The person authorized to manage the sale has full authority to cut without appeal any dispute which can arise over bids during the sale 7. AFTER THE AUCTION 7.1. PAYMENT Payment is due immediately after the sale. A receipt will be provided. The payment may be made by the following methods: checks in euro from a Luxembourgish bank cash in euros up to 14.999 ? credit cards VISA and MASTERCARD Bank transfers free of charge for the Auction House should be made to the following account: Bank: POST Luxembourg Account holder: KANERZ ART SàRL Bank adress: 20 Rue de Reims L-2417 Luxembourg IBAN : LU83 1111 7107 6344 0000 SWIFT : CCPLLULL Do not forget to indicate your name and the number of your auction number on the form of transfer. 7.2. NON-PAYMENT If immediate payment is not made, the object is placed for further bidding at the expenses of the tenderer, the latter being liable for the difference between the two bids if the later bid is lower. 7.3. COLLECTION OF PURCHASES ? STORAGE FEES Purchases can only be collected after payment in full in cleared funds has been made to the Auction House?s office. The Auction House strongly recommends buyers to take delivery of their lots immediately after the sale. The tolerance of storage does not engage the responsibility of the Auction House in any respect whatsoever, the object being under the exclusive guarantee of the buyer right after the pronounced auction. Storage fees will be charged by the Auction House to purchasers who have not collected their items within 30 days from the sale at a rate of 10 euros per day per item. 8. INDICATIONS OF THE CATALOG The indications present in the catalog are established by the Auction house with the diligence required by a company of voluntary sales of works of art by auction, subject to the corrections advertised in the auction room before the opening of the vacation or those announced by the person authorized to manage the sale in the beginning of the vacation and noted on the detailed report of the sale. The indications will be established on the basis of the information provided by the seller, the scientific, technical and artistic knowledge and the opinion generally admitted by the experts and the specialists, as available at the date in which said indications are established. The information collected on the registration forms is compulsory to participate in the sale, and later for the validation and the management of the auction award. You can ask to see and modify the data concerning you, or to object for justifiable reasons against their later processing by sending a written request accompanied with a copy of your ID card to the operator of sale by mail or by email.