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Auction's Conditions

1. The public auction is conducted due to the free will of the Consignor. It is prepared, organised and held by Dr. Irene Lehr Kunstauktionen GmbH (Auctioneer), which will sell the auction items as a commission agent in its own name on the account of the Consignor.

2. The highest bid will be accepted. In the case of an immediate disagreement due to an overlooked bid or any other doubt, the lot may be offered for sale again. Bidders shall be obliged to take a lot for which they have offered the highest bid. The Auctioneer has the right to auction the lots out of order, to divide, to combine or to omit them, to accept a bid subject to approval, to refuse the fall of the hammer or to reject a bid, in particular if the Bidder is unknown to the Auctioneer and has not furnished a security in the form of bank references or other guarantees.

3. The purchase price comprises the hammer price plus a premium of 26,5%, where the VAT is included (differential taxation). For catalog items, which are marked with a *, a commission of 17% is due, on the final invoice amount a VAT of 19% will be added (standard taxation). Buyers who are entitled to a deduction of input tax may be issued an invoice pursuant to standard taxation upon their request before the auction. Exempted from VAT are deliveries to countries outside the European Union (EU) or to entrepreneurs for commercial purposes within the EU who have indicated their VAT Reg. No. when receiving their Bidder’s number. All other Buyers from EU countries will have to pay German VAT. Buyers residing in countries outside the EU will have to pay the equivalent of the VAT, but will receive a full refund if they present proof of exportation and purchase by the German customs office within one month (“Ausfuhr- und Abnehmernachweis”). If a work of art is shipped by the auctioneer, proof of exportation is provided. In accordance with ยง26 of German Copyright Act, a droit de suite charge of 1.5% plus VAT is levied for original artworks and photographs for the compensation of the statutory right of resale. All invoices written during or shortly after the auction require a special verification and rectification; errors excepted.

4. The title to the work of art shall pass to the Buyer only upon payment in full of the invoice amount that is due and payable. The risk of any damage resides with Buyers upon their bid being accepted.

5. The auctioned works of art may be accepted and paid for in cash one week after the auction. All taxes, costs and charges in connection with the payment (including bank expenses charged to the Auctioneer) shall be borne by the Buyer. Storage and shipment are at the risk and on the account of the Buyer. The shipment will only be dispatched once the full amount of the invoice has been received. The Buyer will be considered in default with the payment two weeks after the date of the invoice, which entitles the Auctioneer to annul the contract with the Buyer without further notice, to bear interest at a customary rate and demand damages for the amount of lost proceeds. In the event of delayed payment, the Buyer is liable to all damages resulting thereof; especially a loss of interest and monetary devaluation. Bidders for a third party are personally liable for the purchase and payment, even if the invoice is in the name of the third party.

6. All works of art which come to auction can be checked and inspected at the preview. The descriptions of the works of art in the catalogue are not conditions in a legal sense. Complaints by the Buyer will be carefully considered and reviewed, only, if they are stated within a period of three days after receiving the work of art, never later than three weeks after the auction. For lots with more than one work of art (“Konvolut”) no guarantees can be given; they are exempt from complaints. Bidders for a third party have to register the complaints personally.

7. All written bids are dealt with by Dr. Irene Lehr Kunstauktionen GmbH. Telephone bids can only be registered for lots with an estimated value above 500 euros and have to be confirmed in writing. This confirmation has to reach the Auctioneer at least 24 hours before the start of the auction; there can be no guarantees given for bids faxed less than 24 hours before the start of the auction. The Bidder has to account for any errors resulting from incorrect transfer. The prices stated in the written bids are the hammer prices offered for a work of art by the Bidder to which premium, VAT and any other further costs will be added.

8. All payments shall be made in euros.

9. By sending a written bid or by bidding live at the auction the Buyer explicitly accepts these Terms and Conditions for Auction.

10. The place of performance and only place of jurisdiction is Berlin, Germany. The law of the Federal Republic of Germany shall apply exclusively. If the Terms and Conditions for Auction are available in several languages, the German version shall always prevail.

The Auctioneer Dr. Irene Lehr