Sotheby’s 34-35 New Bond Street London W1A 2AA United Kingdom

VAT Reg. No. GB512549263

Sotheby's: Registered in England and Wales. Registered office at the above address, Regd. No. 874867

Tel: +44 (0)20 7293 5000

Fax: +44 (0)20 7293 5989

Opening Hours:

Monday to Friday: 9am to 5pm

GUIDE TO BUYING IN AN ONLINE ONLY AUCTION

The following guidance is intended to give you useful information on how to buy in an Online Only Auction. We recommend that you read the guidance below carefully in order to familiarize yourself with the way that the Online Only Platform works before you start to participate in an Online Only Auction. It is also important that you read the Conditions of Business for Buyers (Online Only) which are set out below and note that Sotheby’s acts for the seller; you should refer in particular to Conditions 3 and 4 of the Conditions of Business for Buyers (Online Only). Terms defined in this Guide shall have the same meaning as in the Conditions of Business for Buyers (Online Only) unless the context otherwise requires.

1. REGISTER A VERIFIED ACCOUNT WITH SOTHEBY'S

In order to be eligible to participate in an Online Only Auction, you must have registered, and maintain, a Verified Account. The registration process requires you to enter your debit card or credit card information, your address and to confirm that you have read and accept our Conditions of Business for Buyers, the Authenticity Guarantee and this Guide to Buying in an Online Only Auction. In order to bid in an Online Only Auction, you must be registered as a Verified Accountholder prior to the closing of the first Lot in the relevant Online Only Auction in which you wish to bid (you will also be required to provide certain information to Sotheby’s as part of the application process). Further details about how to become a Verified Accountholder are set out in Condition 5 of the Conditions of Business for Buyers (Online Only).

Once you have completed the registration process to become a Verified Accountholder, you can sign into the applicable Online Only Auction using your own username and password. To log in to your Verified Account, please follow the login instructions provided at:

www.Sothebys.com/AccountCreation

2. BROWSE THE LOTS FOR SALE IN THE ONLINE ONLY AUCTION

Once the relevant Online Only Auction has opened, the Online Sale Information regarding each Lot for sale in the Online Only Auction is available for you to review.

Pre-sale estimates

As indicated in the Conditions of Business for Buyers (Online Only), the Online Sale Information for each Lot includes pre-sale estimates which are provided by Sotheby's as a guide for prospective Bidders to assist them with determining the appropriate amount to bid for a Lot. In our opinion, any bid for an amount which is between the high pre-sale estimate and the low pre-sale estimate stated in the Online Sale Information for the Lot would offer a chance of success. Having said that, it is important you appreciate that Lots can realize prices which are above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid. Please note that the pre-sale estimates which are stated in the Online Sale Information do not include buyer's premium, any applicable VAT (or any amount in lieu of VAT) or any applicable ARR.

Condition of Lots

The Online Sale Information includes the online catalogue description of the Lot; any online condition report provided in relation to the Lot by Sotheby's solely as a convenience (and the online images of the Lot shall be deemed to form part of any such condition report); any other information relating to the Lot or the conduct of the Online Only Auction which is published on the Online Only Platform (including this Guide to Buying in an Online Only Auction).

All Lots are offered for sale in the condition which they are in at the time of sale in an Online Only Auction. Any reference to condition in the Online Sale Information will not amount to a full description of the condition and the absence of any reference to the condition of a Lot in the online catalogue description does not imply that the Lot is free from faults or imperfections. It is important that you appreciate that you will not have an opportunity to inspect the condition of a Lot prior to submitting a bid in respect of such Lot. Please refer to Condition 3 of the Conditions of Business for Buyers (Online Only) for further information regarding the basis upon which your bid for a Lot is submitted.

Treatment and Condition of Gemstones

Traditionally, gemstones have been treated by a variety of techniques to enhance color and generally to improve their appearance. Typically, rubies and sapphires have been heat treated and emeralds have been treated by oil or resin to improve color and clarity. These or other techniques, such as dyeing, irradiation, coating and impregnation, may be used on other gemstones. Although it is widely believed that heat treatments are permanent, purchasers should assume that any treatment may not be permanent and that over time special care of the stone may be required. Prospective buyers are reminded that, unless the catalogue description specifically states that a stone is natural, we have assumed that some form of treatment may have been used and that such treatment may not be permanent. Our presale estimates reflect this assumption.

To the extent that Sotheby’s has laboratory reports containing specific information on the treatment of a stone, these reports are made available for review by prospective buyers. Available reports from internationally recognized gemological laboratories will be noted in the description of the item. New forms of treatments and new scientific methods to discern them are constantly being developed. Consequently, there may be a lack of consensus among laboratories as to whether gemstones have been treated, the extent of the treatment or the permanence of the treatment. References in the e-catalogue descriptions to certificates or reports issued by gemological laboratories are provided only for the information of bidders, and Sotheby’s does not guarantee and accepts no responsibility for the accuracy, terms or information contained in such certificates or reports. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results.

Provenance

In certain circumstances, Sotheby's may publish in the online catalogue description for a Lot the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.

Bidding practices

In situations where a person who is allowed to bid on a Lot has a direct or indirect interest in such Lot, such as the beneficiary or executor of an estate selling the Lot, a joint owner of the Lot, or a party providing or participating in a guarantee of the Lot, Sotheby’s will notify you by email and publish a notification in the Online Sale Information that interested parties may bid on the Lot. In certain instances, interested parties may have knowledge of the reserves.

Sotheby’s employees may bid only if the employee does not know the reserve and fully complies with Sotheby’s internal rules governing employee bidding.

Information regarding shipping and delivery

The Online Sale Information includes a shipping costs calculator which has been developed by Sotheby's to enable you to estimate the amount it will cost you to have the Lot shipped to your delivery address (inclusive of VAT, associated packing and transit insurance costs) in the event that you are the successful Bidder so that you are able to account for this cost in your assessment of the appropriate amount to bid for a Lot. Please also note that the transit insurance price quoted by the shipping costs calculator shall not include the impact of any applicable ARR on the total purchase price payable in respect of a Lot by the Buyer. Please also note that the shipping cost which is generated by the shipping costs calculator may differ to the actual amount of the Buyer's Shipping Costs which is quoted to you in the Buyer's Shipping Quote (which shall include the amount of any applicable ARR payable in relation to the Lot).

Sotheby's is always happy to discuss any Lot in which you are interested. Further information requests can be submitted via the 'Request Info' button which appears at Lot level on the Online Only Platform.

Auction Shipping Calculator

To assist you in understanding the potential cost of shipping to your address, we have provided a simple shipping cost calculator, which can be accessed by clicking on the link: SHIPPING CALCULATOR on each lot page. To use the calculator you will need three pieces of information: the Lot Number; the country to which the item will be shipped; and your anticipated bid (the hammer price).

Please note that, should you wish to arrange your own shipping or to arrange collection of your purchases yourself, all lots are located at our Greenford Park warehouse, the details of which are below. Please check with our Post Sales Services team (contact information is on the shipping calculator page) for the Lot location before collecting. Please note that property can only be released once payment has been received and cleared. If you are using your own shipper to collect property from Sotheby’s, please provide a letter of authorisation, a copy of your paid invoice and photographic ID or a completed release of liability form (provided by Sotheby’s).

Sotheby’s Greenford Park

13 Ockham Drive

London

Greenford

Middlesex

UB6 0FD

Phone: +44 7293 5600

Unfortunately, lots will not be available for collection at New Bond Street, unless otherwise stated on your invoice. Please see the Conditions of Sale for our Online-Only sales for further details.

For the shipping cost calculator, Sotheby’s has partnered with Connoisseur International Fine Art, a Fine Art Shipper, to ensure that your purchases are packed professionally and then shipped to you safely, securely and insured, via the global Federal Express network or via Interlink for UK shipments. We have worked with these companies for a number of years to provide the shipping service for our traditional auctions, and they deliver an excellent level of service at a very reasonable price. The final hammer price influences the exact cost of shipping, as the cost of insurance and packing are directly related to the value of the shipment. All purchases from this sale are shipped using a priority service as a requirement of the insurance cover provided; packing charges for purchases of £3800 or below (including any applicable VAT, Sales Tax and possible artist resale rights levy) are at a reduced rate. Consequently you may use the calculator to establish in advance of bidding the likely range of shipping prices that you would incur if you are the successful bidder for a particular lot - for example you may wish to input your maximum bid in order to understand the maximum shipping price for the item, but you may also wish to input the bid at which you hope to secure the lot, particularly if it is £3800 or below.

Soon after the closure of the sale, you will receive your invoice along with a firm quote for the insured shipping service to the address you provided at registration; this paperwork will show the costs of shipping and insurance itemised separately, and will include details of the key insurance terms. You will need to sign the quote and return it together with your payment to Sotheby’s Post Sale Services, following which your items will be despatched.

We are unable to offer shipping via this method to every destination. If your destination country is not listed in the drop-down menu on our shipping calculator, please contact Sotheby’s (contact information is on the shipping calculator page) and provide details of the lot number, the address to which you wish to ship together with your maximum bid. In most cases, we will be able to offer a shipping solution and we will provide you with a pre-sale quote based on the actual shipment value; any difference in the final sale price will affect the final shipping price that will be charged. As we will need to liaise with one or more shipping vendors, depending on the destination, requests for such pre-sale quotes need to be submitted no later than 72 hours prior to the scheduled sale-end. Finally, some items cannot be shipped to certain destinations at all (for example items of Iranian origin to the GCC States) and, whilst the shipping calculator may provide a price for the shipment, the notes field will populate with an explanation of the restriction that applies. The inability to ship to a destination so excluded will not justify the cancellation of a sale, and you should refer to the full terms and conditions for buyers (online sales).

Further information regarding collection of purchases from Sotheby’s, and the storage charges that will accrue for any purchased items not cleared within 30 days of sale closure, can be found on your invoice or in the Conditions of Sale for Online-Only Sales below.

Sotheby’s Post Sale Services - London

T: +44 20 7293 5220

ukpostsaleservices@sothebys.com

3. SUBMISSION OF A BID FOR A LOT IN AN ONLINE ONLY AUCTION

An Online Only Auction can be fast moving. Competitive bidding can often escalate very quickly. Once you have set up a Verified Account, you will be able to submit a bid for a Lot by entering your maximum bid and clicking the ‘Leave Bid’ button which appears at Lot level on the Online Only Platform. If you haven’t already registered as a Verified Accountholder, you will be prompted to do so at that point. You will then be asked to review and confirm your maximum bid. As soon as the ‘Leave Bid’ button or the ‘Place Bid’ is clicked, your bid is submitted. You accept and agree that a bid is submitted using the ‘Leave Bid’ or the ‘Place Bid’ button.

Bids can be submitted through the Online Only Platform from the start of the Online Only Auction until the Lot closes. Enter your maximum bid (being the highest price you are willing to pay on the Lot). The Online Only Platform will then place incremental bids on your behalf up to your maximum bid for as long as you are the highest bidder. Sotheby’s uses pre-determined bidding increments. Please refer to the bidding increments link which appears at Lot level on the Online Only Platform. In cases where two equivalent maximum bids are submitted, the first bid received will take priority.

4. MONITOR YOUR BIDS

If you are outbid at any time you will receive an email notification informing you accordingly and the email notification will provide a link to follow to increase your bid. We encourage you to monitor the bids on Lots throughout the duration of the Online Only Auction to ensure your status as the highest bidder up until the close of the Online Only Auction.

5. CLOSING THE ONLINE ONLY AUCTION

An end time is displayed for each Lot at Lot level on the Online Only Platform. Lots will close at the time stated at Lot level on the Online Only Platform unless a bid is placed within 1 minute of a Lot's scheduled end time. If this occurs, Sotheby’s will extend the sale of that Lot by 5 minutes from the time of the last bid. The extension of any Lot's closing time does not affect the closing time of the following Lots. This may result in Lots closing out of numerical order.

6. HOW TO PAY FOR YOUR LOT

If you are a successful Buyer of a Lot, Sotheby's will email you the Buyer's Invoice for the total amount due by you (together with payment instructions) as soon as reasonably practicable after the final Lot in the relevant Online Only Auction closes. Payment from the invoiced party is due in full by the payment date stated in the Buyer’s Invoice. Please note that we reserve the right to decline payments received from anyone other than the buyer of record and that clearance of such payments will be required. Please contact our Post Sale Services Department if you have any questions concerning clearance.

Subject to the limitations and requirements in the Conditions of Business for Buyers (Online Only), Sotheby's accepts the following forms of payment: Sterling wire transfer, Sterling cheque, Sterling cash (in person at our New Bond Street premises only), UK debit card. Payment may also be made by Visa, MasterCard and non-UK debit cards subject to a 1.2% surcharge and by American Express and CUP (in person at our New Bond Street premises) subject to a 1.75% surcharge. Please refer to Condition 8 of the Conditions of Business for Buyers (Online Only) for further details regarding payment of a purchased Lot.

A Buyer’s Premium is payable by the successful Bidder on a Lot in an Online Only Auction. The Buyer's Premium is added to the Hammer Price and is included as part of the total Purchase Price payable by the successful Bidder. In an Online Only Auction conducted by Sotheby's in London, the Buyer’s Premium rate is as follows: 25% of the Hammer Price up to and including £200,000, 20% of any amount in excess of £200,000 up to and including £3,000,000 and 12.9% of any amount in excess of £3,000,000.

Sotheby's will also email you the Buyer's Shipping Quote in respect of the Buyer's Shipping Costs payable by the Buyer in consideration of Sotheby's delivery services for the purchased Lot at which point Sotheby’s will ask you to confirm your delivery address. In the event that you are eligible for a VAT rebate based on your confirmed delivery address, Sotheby’s may reissue the Buyer’s Invoice.

Provided that the Buyer’s Invoice has been settled in full by the payment date stated in the Buyer's Invoice and the Buyer’s Shipping Quote has been settled in full by the payment date stated in the Buyer’s Shipping Quote, any financial release of the property has been completed and any requisite export licence or certificates has been provided to Sotheby's, Sotheby's will ship the purchased property to your delivery address no later than thirty (30) days from the closing date of the relevant Online Only Auction.

If you are a successful Buyer of a Lot, you will also be required to pay where applicable: Sales and/or Value Added Tax (VAT), import tax, customs duty, and any local clearance fees applicable for your country e.g. US Merchandise Processing Fee, Artist’s Resale Right, Buyer's Shipping Costs (which include the transit insurance fee). Please refer to the Conditions of Business for Buyers (Online Only) for more information.

Please note the following information regarding Sotheby's accepted payment policies:

•It is against Sotheby’s general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of the local currency equivalent of US$10,000.

•It is Sotheby’s policy to request any new clients or new buyers preferring to make Sterling cash payment to provide: proof of identity (by providing some form of government issued identification containing a photograph, such as a passport, identity card or driver’s licence) and confirmation of permanent address. Thank you for your co-operation.

• Cheques: should be made payable to Sotheby’s. Although personal and company cheques drawn in pounds sterling on UK banks are accepted, you are advised that property will not be released until such cheques have cleared unless you have a pre-arranged Cheque Acceptance Facility.

• Bank transfers: our bank account details are shown on our invoices. Please include your name, Sotheby’s account number and invoice number with your instructions to your bank.

• Card payments below £30,000 (excluding CUP), can be made remotely by completing our Absentee Card Payment Form. For further details please contact the Post Sale Services Department on +44 (0)20 7293 5220.

• Payments by Sterling cash and CUP can only be accepted at Sotheby’s premises at 34-35 New Bond Street, London, W1A 2AA.

• We reserve the right to seek identification of the source of funds received.

7. FURTHER INFORMATION REGARDING SHIPPING, EXPORT OF PROPERTY AND RELATED MATTERS

All shipments should be unpacked and checked on delivery and any discrepancies notified immediately to the party identified in your quotation and/or the accompanying documentation.

The export of any lot from the UK or import into any other country may be subject to one or more export or import licences being granted. It is the buyer’s responsibility to obtain any relevant export or import licence. The denial of any licence required or delay in obtaining such licence cannot justify the cancellation of the sale or any delay in making payment of the total amount due.

Sotheby’s, upon request and for an administrative fee, may apply for a licence to export your lot(s) outside the UK. An EU Licence is necessary to export cultural goods subject to the EU Regulation on the export of cultural property (EEC No. 3911/92, Official Journal No. L395 of 31/12/92) from the European Community. A UK Licence is necessary to move cultural goods valued at or above the relevant UK Licence limits from the UK. For export outside the European Community, an EU Licence will be required for most items over 50 years of age with a value of over £39,219. The following is a selection of categories of items for which other value limits apply and for which an EU Licence may be required. It is not exhaustive and there are other restrictions:

Sotheby’s recommends that you retain all import and export papers, including licences, as in certain countries you may be required to produce them to governmental authorities.

Please note that Sotheby’s is unable to arrange delivery to those locations which are specified as excluded zones in the shipping costs calculator which is available on the Online Only Platform (each an “Unavailable Destination”). In the event that you request delivery of a Lot to an Unavailable Destination, Sotheby’s reserves the right to require you to collect the Lot from the Sotheby’s storage facility at Greenford (13 Ockham Drive, Greenford, Middlesex, UB6 0FD) or to arrange delivery of the Lot by a third party carrier.

EU Licence Thresholds

Archaeological objects: EU Licence threshold: Zero

Elements of artistic, historical or religious monuments: EU Licence threshold: Zero

Manuscripts, documents and archives (excluding printed matter): EU Licence threshold: Zero

Architectural, scientific and engineering drawings produced by hand: EU Licence threshold: £11,766

Photographic positive or negative or any assemblage of such photographs: EU Licence threshold: £11,766

Textiles (excluding carpets and tapestries): EU Licence threshold: £39,219

Paintings in oil or tempera: EU Licence threshold: £117,657

Watercolours, gouaches and pastels: EU Licence threshold: £23,531

Prints, Engravings, Drawings and Mosaics: EU Licence threshold: £11,766

There are separate thresholds for exporting within the European Community. A UK Licence will be required for most items over 50 years of age with a value of over £65,000. Some exceptions are listed below:-

UK Licence Thresholds

Photographic positive or negative or any assemblage of such photographs: UK Licence threshold: £10,000

Textiles (excluding carpets and tapestries): UK Licence threshold: £12,000

British Historical Portraits: UK Licence threshold: £10,000

Endangered Species: Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a licence or certificate prior to exportation and require additional licences or certificates upon importation to any country outside the EU. Please note that the ability to obtain an export licence or certificate does not ensure the ability to obtain an import licence or certificate in another country, and vice versa. For example, it is illegal to import African elephant ivory into the US and there are other restrictions on the importation of ivory into the US under certain US regulations which are designed to protect wildlife conservation.

Sotheby’s suggests that buyers check with their own government regarding wildlife import requirements prior to placing a bid. It is the buyer’s responsibility to obtain any export or import licences and/or certificates as well as any other required documentation (please refer to Condition 10 of the Conditions of Business for Buyers (Online Only). Please note that Sotheby’s is not able to assist buyers with the shipment of any Lots containing ivory and/or other restricted materials into the US. A buyer’s inability to export or import these Lots cannot justify a delay in payment or a sale’s cancellation.

US Economic Sanctions: The United States maintains economic and trade sanctions against targeted foreign countries, groups and organisations. There may be restrictions on the import into the United States of certain items originating in sanctioned countries, including Burma, Cuba, Iran, North Korea and Sudan. The purchaser’s inability to import any item into the US or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check with the specialist department if you are uncertain as to whether a Lot is subject to these import restrictions, or any other restrictions on importation or exportation.

VAT AND OTHER TAX INFORMATION FOR BUYERS

As a successful Bidder for a Lot in an Online Only Auction, you will be charged VAT or any other applicable sales tax (unless an exemption applies). Any such taxes will be identified in the Buyer's Invoice.

The following paragraphs are intended to give general guidance to buyers on the VAT and certain other potential tax implications of purchasing property at Sotheby’s. The information concerns the most usual circumstances and is not intended to be complete. In all cases the relevant tax legislation takes precedence and the VAT rates in effect on the date of the sale of a Lot in the Online Only Auction will be the rates charged except for Lots sold subject to Temporary Admission for which the applicable rate will be that in force at the date of release of the relevant Lot by Sotheby’s. It should be noted that, for VAT purposes only, Sotheby’s is not usually treated as an agent and most property is sold as if it is the property of Sotheby’s.

In the following paragraphs, reference to VAT symbols shall mean those symbols located beside the Lot number or the pre-sale estimates in the catalogue (or amending sale room notice).

1.PROPERTY WITH NO VAT SYMBOL

Where there is no VAT symbol, Sotheby’s is able to use the Auctioneer’s Margin Scheme and VAT will not normally be charged on the Hammer Price. Sotheby’s must bear VAT on the Buyer’s Premium and hence will charge an amount in lieu of VAT at the standard rate on this premium. This amount will form part of the Buyer’s Premium on our invoice and will not be separately identified. A limited range of goods, including most books, are not liable to VAT and therefore no amount in lieu of VAT will be added to the Buyer's Premium.

Please see section 5 below (‘Exports from the European Union’) for the conditions to be fulfilled before the amount in lieu of VAT on the Buyer’s Premium may be cancelled or refunded.

VAT-registered buyers from within the European Union (EU) should note that the amount in lieu of VAT contained within the Buyer’s Premium cannot be cancelled or refunded by Sotheby’s or HM Revenue and Customs.

Buyers requiring an invoice under the normal VAT rules, instead of a margin scheme invoice, should notify the Post Sale Service Team (contact details provided below) on the closing date of the relevant Online Only Auction and an invoice with VAT on the Hammer Price will be raised. Buyers requiring reinvoicing under the normal VAT rules subsequent to a margin scheme invoice having been raised should contact the Sotheby's Post Sale Services (contact details provided below) for assistance.

2. PROPERTY WITH A ‘SINGLE DAGGER’ SYMBOL

These items will be sold under the normal UK VAT rules and VAT will be charged at the standard rate on both the hammer price and Buyer’s Premium.

Please see ‘Exports from the European Union’ for the conditions to be fulfilled before the VAT charged on the Hammer Price may be cancelled or refunded.

VAT-registered buyers from other EU countries may have the VAT cancelled or refunded if they provide Sotheby’s with their VAT registration number and evidence that the property has been removed from the UK within three months of the date of sale. The evidence of removal required is a certificate of shipment or, if the lots were carried by hand, proof of travel and completion of a form available from the Post Sale Service Group.

3. PROPERTY WITH AN ‘ALPHA’ SYMBOL

Items sold to buyers whose address is in the EU will be assumed to be remaining in the EU. The property will be invoiced as if it had no VAT symbol (see ‘Property with no VAT symbol’ at section 1 above). However, if the property is to be exported from the EU, Sotheby’s will re-invoice the property under the normal VAT rules (see ‘Property sold with a ‘SINGLE DAGGER’symbol’ at section 2 above) as requested by the seller.

Items sold to buyers whose address is outside the EU will be assumed to be exported from the EU. The property will be invoiced under the normal VAT rules (see ‘Property sold with a ‘SINGLE DAGGER’symbol’ at section 2 above). Although the Hammer Price will be subject to VAT this will be cancelled or refunded upon export - see ‘Exports from the European Union’. However, buyers who are not intending to export their property from the EU should notify our Client Accounts Department on the day of the sale and the property will be re-invoiced showing no VAT on the Hammer Price (see ‘Property sold with no VAT symbol’ at section 1 above).

4. PROPERTY SOLD WITH A ‘DOUBLE DAGGER’OR ‘OMEGA’SYMBOL

These items have been imported from outside the EU to be sold at auction under Temporary Admission. When Sotheby’s releases such property to buyers in the UK, the buyer will become the importer and must pay Sotheby’s import VAT at the following rates on the hammer price:

‘DOUBLE DAGGER’ - the reduced rate

‘OMEGA’ - the standard rate

You should also note that the appropriate rate will be that in force on the date of dispatch of the property from Sotheby’s and not that in force at the closing date of the Online Only Auction.

These lots will be invoiced under the margin scheme. Sotheby’s must bear VAT on the Buyer’s Premium and hence will charge an amount in lieu of VAT at the standard rate on this premium. This amount will form part of the Buyer’s Premium on our invoice and will not be separately identified.

(VAT-registered buyers from the EU should note that the import VAT charged on property released in the UK cannot be cancelled or refunded by Sotheby’s, however you may be able to seek repayment) by applying to HM Revenue and Customs - see ‘VAT Refunds from HM Revenue and Customs’ at section 6 below)

(VAT-registered buyers from the UK should note that the invoice issued by Sotheby’s for these items is not suitable evidence in respect of import VAT.)

On request, immediately after the closing date of the relevant Online Only Auction, the Temporary Admission Department can either ask HM Revenue and Customs to generate a C79 certificate (for UK buyers), or obtain a copy of the import C88 (for other EU VAT registered buyers), which may be used to claim recovery of the VAT. Otherwise Sotheby’s may re-invoice the lot as if it had been sold with a ‘SINGLE DAGGER’ symbol and charge VAT at the standard rate on both the Hammer Price and Buyer's Premium and provide a tax invoice to the buyer. This may enable a buyer who is VAT registered elsewhere in the EU to avoid payment of VAT in the United Kingdom. Re-invoicing in this way may make the lot ineligible to be re-sold using the margin scheme.

Sotheby’s will transfer all lots sold subject to Temporary Admission to its Customs warehouse immediately after sale.

5. EXPORTS FROM THE EUROPEAN UNION

The following amounts of VAT may be cancelled or refunded provided Sotheby’s receive the appropriate export documents within the time limits stated:

Property with no VAT symbol (see paragraph 1) The amount in lieu of VAT charged on Buyer's Premium may be refunded provided the purchaser resides outside of the United Kingdom and the property is exported from the EU within 3 months of the sale. Sotheby’s must be provided with the appropriate proof of export immediately after export of the goods.

Property with a ‘SINGLE DAGGER’ symbol The VAT charged upon the Hammer Price may be refunded provided the purchaser resides outside of the United Kingdom and the property is exported from the EU within 3 months of the closing date of the relevant Online Only Auction. Sotheby’s must be provided with the appropriate proof of export immediately after export of the goods.

Property with a ‘DOUBLE DAGGER’ or a ‘OMEGA’ symbol The Temporary Admission VAT charged on the Hammer Price may be refunded under the following circumstances:-

•Sotheby’s is instructed to ship the property to a place outside the EU

•The property is hand carried from the UK directly outside the EU and Sotheby’s pre lodge the export entry with HMRC

•The VAT liability is transferred to your shippers own Temporary Admission or Customs Warehouse arrangement prior to collection from Sotheby’s

Under all other circumstances Sotheby’s is required to complete the importation and pay the VAT due to HM Revenue and Customs prior to the property leaving its premises and so a VAT refund will not be possible.

Proof of export required:

•for lots sold under the margin scheme (no VAT symbol) or the normal VAT rules (‘SINGLE DAGGER’ symbol), Sotheby’s is provided with appropriate documentary proof of export from the EU.

•for lots sold under Temporary Admission (‘DOUBLE DAGGER’ or ‘OMEGA’ symbols), and subsequently transferred to Sotheby’s Customs Warehouse (into Bond). The property must be shipped as described above in the paragraph headed Property with a ‘DOUBLE DAGGER’or aN ‘OMEGA’ symbol (at section 4 above).

•buyers carrying their own property must obtain hand-carry papers from the Shipping Department for which a small administrative charge will be made. The VAT refund will be processed once the appropriate paperwork has been returned to Sotheby’s.

•Sotheby’s is not able to cancel or refund any VAT charged on sales made to UK or EU private residents unless the lot is subject to Temporary Admission and the property is exported from the EU and the requisite export papers provided to Sotheby’s within one month of collection of the property.

•Sotheby’s is not able to cancel or refund any VAT charged on sales to UK or EU private residents unless the lot is subject to Temporary Admission and is shipped as described above.

Buyers intending to export, repair, restore or alter lots sold under Temporary Admission (‘DOUBLE DAGGER’ or ‘OMEGA’ symbols) and therefore transferred to Customs Warehouse after sale should notify the Shipping Department before collection. Failure to do so may result in the import VAT becoming payable immediately and Sotheby’s being unable to refund the VAT charged on deposit.

6. VAT REFUNDS FROM HMRC

Where VAT charged cannot be cancelled or refunded by Sotheby’s, it may be possible to seek repayment from HM Revenue and Customs. Repayments in this manner are limited to businesses located outside the UK.

Claim forms are available from:

HM Revenue and Customs

VAT Overseas Repayments Unit

PO Box 34, Foyle House

Duncreggan Road, Londonderry

Northern Ireland, BT48 7AE

Tel: +44 (0)2871 305100

Fax: +44 (0)2871 305101

enq.oru.ni@hmrc.gsi.gov.uk

7.SALES AND USES TAXES

Buyers from outside the UK should note that local sales taxes or use taxes may become payable upon import of items following purchase (for example, the Use Tax payable on import of purchased items to certain states of the USA). Buyers should obtain their own advice in this regard.

Sotheby’s is registered to collect sales tax in the USA. In the event that Sotheby’s ships items for a purchaser in an Online Only Auction to a destination within the USA, Sotheby’s is obliged to collect the relevant state’s sales or use tax on the total Purchase Price and Buyer's Shipping Costs, of such items, regardless of the country in which the purchaser resides or is a citizen. Where the purchaser has provided Sotheby’s with a valid Resale Exemption Certificate prior to the release of the property, sales and use tax will not be charged. Clients to whom this tax might apply are advised to contact Sotheby's Post Sale Services on the following telephone number:

US: +1 212 606 7000

UK: +44 (0) 20 7293 5000

Phone service available Monday to Friday, 9.00 am - 10.30 pm GMT (3.30 am - 5.30 pm EST) and Saturday 2.00 pm - 10.30 pm GMT (9.00 am - 5.30 pm EST) or by email to ukpostsaleservices@sothebys.com.

8. PROPERTY SUBJECT TO ARR (Artist’s Resale Right)

Purchase of lots marked with the ‘CIRCLE WITH A CROSS INSIDE’ symbol will be subject to payment of ARR, at a percentage of the hammer price calculated as follows:

Portion of the hammer price (in €)

Royalty Rate

From 0 to 50,0004%

From 50,000.01 to 200,0003%

From 200,000.01 to 350,000 1%

From 350,000.01 to 500,000 0.5%

Exceeding 500,000 0.25%

The Artist’s Resale Right payable will be the aggregate of the amounts payable under the above rate bands, subject to a maximum royalty payable of 12,500 euros for any single work each time it is sold. The maximum royalty payable of 12,500 euros applies to works sold for 2 million euros and above. Calculation of the artist’s resale right will be based on the pound sterling / Euro reference exchange rate quoted on the date of the sale by the European Central Bank.

9.TREATMENT AND CONDITION OF GEMSTONES

CONDITIONS OF BUSINESS FOR BUYERS (ONLINE ONLY)

These Conditions of Business for Buyers (Online Only) set out the terms upon which Sotheby’s and the Seller offer the Lots for sale to Bidders.

You should read these Conditions of Business for Buyers (Online Only) and the Online Sale Information (including, but not limited to, the Guide to Buying in an Online Only Auction set out above) carefully before placing a bid for any Lot. In particular, Bidders’ attention is specifically drawn to Condition 4 below, which contains specific limitations and exclusions of the legal liability of Sotheby’s and Sellers.

By bidding for a Lot in an Online Only Auction on the Online Only Platform, you agree that these Conditions of Business for Buyers (Online Only) and the Online Sale Information shall be contractually binding on you. In the event that you are the successful Bidder for a Lot in an Online Only Auction, you agree that these Conditions of Business for Buyers (Online Only) and the applicable Online Sale Information will constitute the contract which governs the relationship between Sotheby’s, Sellers and Bidders.

1. Introduction

(a)Sotheby’s and Sellers’ contractual relationship with prospective Buyers is governed by:

(i)these Conditions of Business for Buyers (Online Only);

(ii)the Conditions of Business for Sellers (Online Only) a copy of which can be provided to you on request;

(iii)the Online Sale Information (including, but not limited to, the Guide to Buying in an Online Only Auction set out above); and

(iv) Sotheby’s Authenticity Guarantee, as applicable to the item of Property (set out below).

(b) The Online Sale Information will identify the owner of the Lot immediately prior to the start of the Online Only Auction as either (i) a third party (in which case, Sotheby’s acts as agent for the Seller) or (ii) Sotheby’s (in which case, Sotheby’s acts in principal capacity as Seller). In the case of (i), Sotheby’s provides services to the Seller including, but not limited to, concluding the sale contract which exists directly between the Seller and the Buyer (with Sotheby’s acting as agent on behalf of the Seller). In the case of (ii), Sotheby’s owns the Lot in whole or in part and/or may have a legal, beneficial or financial interest in the Lot as a secured creditor or otherwise.

(c)The Online Sale Information will also identify if the Seller is an Online Consumer (and therefore, by inference, not an Online Trader) for the purposes of the Consumer Contracts Regulations. This is important because the Consumer Contracts Regulations provide that if the Seller is an Online Trader and the Buyer is an Online Consumer, the Buyer shall have the right to cancel the purchase of a Lot (in accordance with the procedure set out at Condition 11 of these Condition of Business for Buyers (Online Only)). In circumstances where the Seller is an Online Consumer, the right to cancel the purchase of a Lot does not apply however the Buyer may have the right (under the Consumer Contracts Regulations) to cancel certain services provided by Sotheby’s in connection with the purchase of the Lot (in accordance with the procedure set out at Condition 12 of these Conditions of Business for Buyers (Online Only)).

2. Common Terms

In these Conditions of Business for Buyers (Online Only):

"Additional Buyer's Expenses"are any other costs or expenses due to Sotheby's from the Buyer which are payable in respect of the sale of the Property, including an amount in respect of any applicable VAT thereon;

“ARR” (=Artist’s Resale Right ) is a levy which entitles creators of qualifying original works of art to a royalty each time one of their works is resold through an auction house or art market professional;

"Bidder" is any person considering, making or attempting to make a bid in an Online Only Auction and includes Buyers (also referred to as “you” in these Conditions of Business for Buyers (Online Only));

"Buyer" is the person who makes the highest bid for a Lot in an Online Only Auction via the Online Only Platform (also referred to as “you” in these Conditions of Business for Buyers (Online Only));

"Buyer's Premium" is the commission payable by the Buyer on the Hammer Price (at the rates set out in the Guide to Buying in an Online Only Auction set out above) plus any applicable VAT or an amount in lieu of VAT;

“Buyer’s Shipping Costs” are any packing, handling and shipping costs and charges (including any costs covering transit insurance) payable by the Buyer to Sotheby’s for provision of delivery services of the purchased Lot to the Buyer;

“Consumer Contracts Regulations” means the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (as amended) which came into force in the UK on 6 April 2013;

"Counterfeit"is as defined in Sotheby's Authenticity Guarantee (set out below);

"Hammer Price" is the highest bid accepted from a Bidder for a Lot during an Online Only Auction;

“Lot” is an item to be offered for sale at an Online Only Auction on the Online Only Platform (and “Lots” shall be construed accordingly);

“Online Sale Cancellation Period” is the period of fourteen (14) days starting on the day after the Online Consumer (or a person, other than the carrier, identified by the Online Consumer) takes physical possession of the Lot;

“Online Services Cancellation Period” is the period of fourteen (14) days starting from the day of conclusion of the contract which relates to provision of the delivery services by Sotheby’s in favour of the Online Consumer;

“Online Consumer” is an individual located in the European Union who purchases a Lot and who is acting for purposes which are wholly or mainly outside that individual’s trade, business, craft or profession;

“Online Only Auction” is the sale of a Lot which is conducted solely by means of the Online Only Platform provided by Sotheby’s and our partners;

“Online Only Platform” is the online only sale platform and associated technical services provided by Sotheby’s and our partners which is accessible solely by online means and which enables Buyers to bid for and buy Lots in a time based auction;

“Online Sale Information” is the Lot information including, but not limited to, any pre-sale estimates; any information regarding provenance; the online catalogue description of the Lot; any condition report provided by Sotheby’s in relation to the Lot (with any such condition report being deemed to include the online images of the Lot); any other information relating to the Lot or the conduct of the Online Only Auction published on the Online Only Platform (including, but not limited to, the Guide to Buying in an Online Only Auction set out above); any on-screen notices relating to the Online Auction;

“Online Trader” is a person who is the Seller of a Lot and is acting for purposes relating to that person’s trade, business, craft or profession;

"Purchase Price" is the Hammer Price and applicable Buyer's Premium including VAT and any applicable ARR;

"Reserve" is the confidential minimum price which the Seller has agreed to accept for a Lot below which the Lot cannot be sold;

"Seller" is the person offering a Lot for sale (including their agent (other than Sotheby's), executors or personal representatives);

"Sotheby's" means Sotheby's, the unlimited company which has its registered office at 34-35 New Bond Street, London W1A 2AA;

"Sotheby's Company" means both Sotheby's in the USA and any of its subsidiaries (including Sotheby's in London) and Sotheby’s Diamonds SA and its subsidiaries (in each case “subsidiary” having the meaning of Section 1159 of the Companies Act 2006);

“Standard Online Delivery Costs” means the sums charges for delivery of the Lot to a Buyer using Sotheby’s standard online delivery service;

"VAT" is Value Added Tax at the prevailing rate. Further information is contained in the Guide to Buying in an Online Only Auction set out above;

“Verified Account” refers to the category of Sotheby’s account which is required to enable the account holder to (i) register for a sale; and (ii) to bid in an auction (including, but not limited to, an Online Only Auction); and

“Verified Accountholder” means an individual or entity who/which maintains a Verified Account.

3. Duties of Bidders and of Sotheby’s in respect of items for sale

(a)Sotheby’s knowledge in relation to each Lot is partially dependent on information provided to it by the Seller, and Sotheby’s is not able to and does not carry out exhaustive due diligence on each Lot. Bidders acknowledge this fact and accept responsibility for carrying out investigations to satisfy themselves as to the Lots in which they may be interested.

(b) Bidders acknowledge that many Lots are of an age and type which means that they are not in perfect condition. All Lots are offered for sale in the condition they are in at the time of sale in the relevant Online Only Auction. Any reference to condition in the Online Sale Information will not amount to a full description of condition and the absence of any reference to the condition of a Lot in the online catalogue description does not imply that the Lot is free from faults or imperfections. Condition reports may be available to assist Bidders with assessing the condition of a Lot and are for guidance only. The online images of the Lot form part of the condition report provided by Sotheby’s. Certain online images of the Lot may not accurately reflect the actual condition of the Lot. In particular, the online images may represent colours and shades which are different to the Lot’s actual colour and shades. The Online Sale Information and/or any condition report relating to the Lot may make reference to particular imperfections of the Lot but you should note that the Lot may have other faults not expressly referred to in the condition report for the Lot or shown in the online images of the Lot. The condition report may not refer to all faults, restoration, alteration or adaptation because Sotheby’s is not a professional conservator or restorer but rather the condition report is a statement of opinion genuinely held by Sotheby’s. For that reason, Sotheby’s condition report is not an alternative to taking your own professional advice regarding the condition of the Lot. Please note that all electrical and mechanical goods are sold on the basis of their artistic and decorative value only, and should not be assumed to be operative. It is essential that prior to any intended use, the electrical system for any Lot is checked and approved by a qualified electrician.

(c) The Online SaleInformation provided to Bidders in respect of a Lot, and any other estimate, whether written or oral, or other report, commentary or valuation, is not a representation of fact but rather is a statement of opinion genuinely held by Sotheby’s. Any estimate may not be relied on as a prediction of the selling price or value of the Lot and may be revised from time to time in Sotheby's absolute discretion.

(d) No representations or warranties are made by Sotheby's or the Seller as to whether any Lot is subject to copyright or whether the Buyer acquires copyright in any Lot.

(e)Subject to the matters referred to at 3(a) to 3(d) above and to the specific exclusions contained at Condition 4 below, Sotheby’s shall exercise such reasonable care when making express statements in the Online Sale Information (including, but not limited to, the catalogue description and any condition report relating to the Lot) as is consistent with the standard of care which a Bidder would reasonably expect from an auction house of Sotheby’s standing taking into account the estimate of the relevant Lot and in the light of:

(i)the information provided to it by the Seller;

(ii)scholarship and technical knowledge; and

(iii)the generally accepted opinions of relevant experts, in each case at the time any such express statement is made.

4. Exclusions and limitations of liability to Buyers

(a) Sotheby’s shall refund the Purchase Price to the Buyer in circumstances where it deems that the Lot is a Counterfeit and each of the conditions of the applicable Authenticity Guarantee has been satisfied.

(b) In the light of the matters in Condition 3 above and subject to Conditions 4(a) and 4(e), neither any Sotheby's Company nor the Seller:

(i) is liable for any errors or omissions in information provided to Bidders by Sotheby’s (or any Sotheby's Company), whether orally or in writing, whether negligent or otherwise, except as set out in Condition 3(e) above;

(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by law) other than the express warranties given by the Seller to the Buyer in Condition 2 of the Sellers' Conditions of Business;

(iii) accepts responsibility to any Bidders in respect of acts or omissions (whether negligent or otherwise) by Sotheby’s in connection with the conduct of the Online Only Auction and/or the operation of the Online Only Platform or for any matter relating to the sale of any Lot.

(c) Unless Sotheby’s owns a Lot offered for sale, it is not responsible for any breach of these conditions by the Seller.

(d) Without prejudice to Condition 4(b), any claim against Sotheby’s or the Seller by a Bidder is limited to the amount of Purchase Price with regard to that Lot. Neither Sotheby’s nor the Seller shall under any circumstances be liable for any indirect or consequential losses.

(e) Nothing in this Condition 4 shall exclude or limit Sotheby’s liability in respect of any fraudulent misrepresentation made by Sotheby’s or the Seller, or in respect of death or personal injury caused by the negligent acts or omissions of Sotheby’s or the Seller.

5. Registering to bid in an Online Only Auction

(a) In order to bid in an Online Only Auction, you must have set up a Verified Account (in accordance with the procedures set out at 5(b) and 5(c) below).

(b) If you have not already bid online in a Sotheby’s sale, you will have to create a Verified Account in order to register for a particular Online Only Auction and to be eligible to bid in that particular Online Only Auction. The registration process requires that you submit your request to open a Verified Account no later than 24 hours prior to the closing of the first Lot in the relevant Online Only Auction in which you wish to bid (you will also be required to provide certain information to Sotheby’s as part of the application process) to create a Verified Account, please follow the registration instructions provided at:

www.Sothebys.com/AccountCreation

(c) If you have already set up a Verified Account, you can sign into the applicable Online Only Auction using your existing username and password. Once you have registered for a particular Online Only Auction, you can submit bids using your existing Verified Account (if you have multiple accounts, you will need to select the account under which you wish to transact in a particular Online Only Auction). To login to your Verified Account, please follow the login instructions provided at:

www.Sothebys.com/AccountCreation

(d) By registering to bid in an Online Only Auction (whether in an individual capacity or on behalf of a company), you acknowledge and agree that by submitting a bid in an Online Only Auction (i) in your individual capacity, in which case you accept personal liability to pay the amounts identified at Condition 8(b) below as principal and (ii) in your capacity as agent for an identified third party, in which case you accept joint and several liability to pay the Purchase Price with your principal.

(e) In order to set up a Verified Account, you are required to supply the information requested, including valid credit card or other accepted payment method information. Sotheby's has absolute discretion to refuse an application to register for, or bid in, an Online Only Auction. Throughout the registration process, Sotheby’s has absolute discretion to request Bidders to supply such additional information and references as may be required by Sotheby's.

(f) Sotheby’s reserves the right to deactivate your Verified Account at any time prior to, during, or after an Online Only Auction.

6. Bidding in an Online Only Auction

(a) Bidding opens at a specified amount (which is below the presale low estimate for the Lot) and escalates in bid increments which are set out in the Online Sale Information relating to the Lot and which are determined at Sotheby’s discretion). Sotheby’s may vary the amount of the bid increments during the course of an Online Only Auction, at our sole discretion. Bids for a Lot may only be submitted between the dates and times specified in the Online Sale Information relating to the applicable Online Only Auction.

(b) An Online Only Auction can be fast-moving. Competitive bidding can often escalate very quickly. Once you have set up a Verified Account, you will be able to submit a bid for a Lot by entering your maximum bid and clicking the ‘Leave Bid’ button. If you haven’t already registered as a Verified Accountholder, you will be prompted to do so at that point. You will then be asked to review and confirm your maximum bid. As soon as the ‘Place Bid’ button is clicked, your bid is submitted. You accept and agree that a bid which is submitted using the ‘Leave Bid’ button. Each Bidder will be entitled to amend, retract or revoke up to three separate bids in an Online Only Auction but thereafter, the Online Only Platform will not under any circumstances allow you to amend, retract or revoke a bid. If a bid is successfully submitted on a Lot in an Online Only Auction from a Bidder’s computer or mobile device, the Bidder irrevocably agrees to pay the amounts identified in Condition 8(b) below, in full. Sotheby’s is not responsible for any errors that the Bidder makes in bidding on a Lot. Sotheby’s reserves the right to restart an Online Only Auction or to restart bidding on a particular Lot if we consider it is necessary or appropriate or reasonable to do so.

(c) The Online Only Platform requires that you submit a bid which correlates to one of the increments set out in the bidding increment table which is available to view at Lot level.

(d) If you have the leading bid on a Lot, you will receive a notification on the Online Only Platform informing you that you are the highest bidder. If you are outbid by another Bidder, you will receive an email notification to inform you accordingly.

(e) In the event that you submit a bid for an amount at which a bid has already been accepted, your bid shall be rejected.

(f) Unless Sotheby’s decides to exercise its discretion in accordance with Condition 6(g) below, the highest bid when the Lot closes will be the successful Bidder. This means that a contract for sale has been formed between the Seller and the successful Bidder at the end of the Online Only Auction. The successful Bidder will receive an email notification of any successful bid and will be invoiced by Sotheby’s in accordance with Condition 8 below.

(g) The sale record for an Online Only Auction maintained by Sotheby’s will be taken as absolute and final in all disputes. In the event of any discrepancy between the sale record for an Online Only Auction maintained by Sotheby’s and any message or notification provided to you in relation to your bid on a Lot and/or the applicable Online Only Auction, the sale record for the Online Only Auction maintained by Sotheby’s shall prevail.

(h) Sotheby’s reserves the right, in our sole and absolute discretion, to reject, revoke or refuse to accept any bid submitted for a Lot using the Online Only Platform even those bids which have previously been accepted; to withdraw any Lot whether prior to or during the Online Only Auction and Sotheby’s shall have no liability whatsoever in connection with such withdrawal; to divide or combine any Lots; or to restart the bidding on a Lot at any time during the Online Only Auction.

7. Operation of the Online Only Platform

(a)Unless otherwise specified, all Lots are offered subject to a Reserve, which shall be no higher than the low presale estimate at the opening time for the applicable Online Only Auction. If any Lot is not subject to a Reserve, the ‘No Reserve’ symbol will be displayed against the Lot in the Online Sale Information. Under no circumstances will the system place any bid on behalf of the Seller at or above the Reserve.

(b)Sotheby’s offers the Online Only Platform as a convenience to its clients and the Online Only Platform shall be operated by Sotheby’s using reasonable care. The application that enables participation in an Online Only Auction via the Online Only Platform is optimized for broadband connectivity (DSL or cable modem). Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some users including, for example, in relation to accessing an Online Only Auction via the Online Only Platform and in maintaining continuity of such access. Sotheby’s will not be liable for any errors or failure by Bidders to place bids using the Online Only Platform via the internet or a mobile device (except where any such error or failure is within Sotheby’s reasonable control) including, without limitation, errors or failures caused by: (i) any loss of connection between Bidders and the Online Only Platform; (ii) a breakdown or fault with the online bidding software or other technical services which relate to the Online Only Platform; and/or (iii) a breakdown or fault with any internet connection, computer, mobile device or system.

(c) As a potential Bidder, youacknowledge and accept that you shall not be given an opportunity to inspect the property prior to bidding in the Online Only Auction.

8. Payment for a purchased Lot

(a)If you are a successful Buyer of a Lot, you will receive by email an invoice from Sotheby’s as soon as reasonably practicable after the final Lot in the relevant Online Only Auction closes. In the event of any discrepancy between the any email notifications received by you from the Online Only Platform and the invoice emailed to you by Sotheby’s after the relevant Online Only Auction closes, the invoice prevails. Terms and conditions regarding payment of the invoice are set out below.

(b) The invoice for the Purchase Price of the purchased Lot (the “Buyer’s Invoice”) which will include:

(i) the Hammer Price;

(ii) the Buyer’s Premium;

(iii) any ARR; and

(iv) any other duties, goods, sales or service tax or VAT.

Subject to Condition 10(e), Sotheby’s will also email you a shipping quote covering the Buyer’s Shipping Costs (the “Buyer’s Shipping Quote”) to the address registered on your Verified Account. Please refer to Condition 10 of these Conditions of Business for Buyers (Online Only) for further information. For international Buyers, the terms of sale are Delivery Duty Unpaid. If you have purchased a Lot for delivery outside of the UK, you acknowledge and agree that it is your responsibility to ascertain and pay all international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to shipment and/or delivery including any third party charges necessary to facilitate shipment.

(c)Sotheby’s charges a Buyer’s Premium to the Buyer on the Hammer Price for each Lot sold. The amount of the Buyer’s Premium is set out in the Guide to Buying in an Online Only Auction above.

(d)The Buyer of a Lot is solely responsible for the payment of any VAT (including, but not limited to, any import VAT), sales tax or value added sales tax, sales or compensating use tax or any other similar tax payable as a result of the sale of a Lot. Further information and guidance as to the application of such taxes is provided in the Guide to Buying in an Online Only Auction set out above.

(e)In certain countries, local laws entitle the artists or the artist’s estate to the ARR when any Lot created by the artist is sold. If these laws apply to a Lot, the Buyer must pay Sotheby’s an additional amount equal to the ARR (unless the local law requires payment to be made by the Seller). Further information and guidance on the application of the ARR is provided in the Guide to Buying in an Online Only Auction set out above.

(f)Unless otherwise agreed, payment of the total amount specified on the purchase invoice for a Lot is due by the Buyer immediately following receipt of the Sotheby’s invoice for the relevant purchased Lot and in any event no later than 48 hours after receipt of the Sotheby’s receipt (the "Due Date") notwithstanding any requirements for export, import or other permits for such Lot. Sotheby’s will only accept payment from the registered Bidder and we cannot change the Buyer’s name on an invoice or reissue the invoice in a name which differs to the name of the registered Bidder. If you are registered to bid as a company, your company will need to pay for any purchases in the name of the company via an accepted payment method. Partial payment of a Lot, or payment across multiple credit cards for a single lot, is not permitted. Further information regarding accepted payment methods is set out in the Guide to Buying in an Online Only Auction set out above.

(g)Title in a purchased Lot will not pass until Sotheby's has received the total amounts due for that Lot in accordance with Condition 8(b) above in cleared funds. Sotheby's is not obliged to release a Lot to the Buyer until title in the Lot has passed and appropriate identification has been provided, and any earlier release does not affect the passing of title or the Buyer's unconditional obligation to pay the total amounts due for that Lot in accordance with Condition 8(b) above.

(h)Risk in and responsibility for the purchased Lot will transfer to the Buyer as follows: (i) if Sotheby’s dispatches the Lot to the Buyer using the method of shipping specified for the Lot in the relevant Online Only Auction, when the Lot comes into the physical possession of the Buyer or a person identified by the Buyer to take physical possession of the Lot on the Buyer’s behalf; or (ii) if collection by the Buyer in person is permitted for the relevant Online Only Auction, when the Buyer collects the Lot. As a Buyer, you acknowledge and agree that the Lot is at your risk if you choose to exercise any right you may have to cancel the contract for the purchase of the Lot (in accordance with the procedure set out at Condition 11 below) and that you should therefore ensure that you insure the Lot against loss or damage until it is returned to Sotheby’s.

(i)If you fail to pay us the total amounts due for the purchased Lot(s) in accordance with Condition 8(b) above in full by the Due Date, Sotheby’s will be entitled to exercise any of the remedies identified at Condition 9 below.

9. Remedies for non-payment

Without prejudice to any rights the Seller may have, if the Buyer without prior agreement fails to make payment for the Lot by the Due Date, Sotheby's may in its sole discretion (having informed the Seller) exercise one or more of the following remedies:

(a) store the Lot at its premises or elsewhere at the Buyer’s sole risk and expense;

(b) cancel the sale of the Lot;

(c) set off any amounts owed to the Buyer by a Sotheby’s Company against any amounts owed to Sotheby's by the Buyer in respect of the Lot;

(d) apply any payments made to Sotheby’s by the Buyer as part of the amounts due pursuant to Condition 8(b) above towards that or any other Lot purchased by the Buyer, or to any shortfall on the resale of any Lot pursuant to paragraph (h) below, or to any damages suffered by Sotheby’s as a result of breach of contract by the Buyer;

(e) reject future bids from the Buyer or render such bids subject to payment of a deposit;

(f) charge interest at 6% per annum above HSBC Bank plc Base Rate from the Due Date to the date the Purchase Price and relevant Buyer's Expenses are received in cleared funds (both before and after judgement);

(g) exercise a lien over any of the Buyer’s property which is in the possession of a Sotheby’s Company. Sotheby's shall inform the Buyer of the exercise of any such lien and within fourteen (14) days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to Sotheby’s;

(h) resell the Lot by auction or private sale, with estimates and reserves at Sotheby's discretion. In the event such resale is for less than the Purchase Price and Additional Buyer's Expenses for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;

(i)commence legal proceedings to recover the Purchase Price and Additional Buyer's Expenses for that Lot, together with interest and the costs of such proceedings on a full indemnity basis; or

(j)release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due and legal costs. Sotheby's will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.

10. Transport and Shipping

(a) As stated in Condition 8 above, you will be emailed the Buyer’s Shipping Quote at the same time that you are emailed the Buyer’s Invoice. Once you have accepted the Buyer’s Shipping Quote and provided that the purchased Lot and the amount stated in the Buyer’s Shipping Quote have each been paid for in full by the Buyer by the payment deadline stated, Sotheby’s will ship the purchased Lot to the Buyer to the address provided by you on your Verified Account, no later than thirty (30) days from conclusion of the sale contract between the Seller and the Buyer, unless otherwise explicitly agreed. Purchased Lots cannot be delivered to P.O. boxes.

(b) The Buyer is responsible for payment of the Buyer’s Shipping Costs as specified in the Buyer’s Shipping Quote. Although Sotheby’s shall use reasonable efforts to take care when handling, packing and facilitating any shipment of a purchased Lot, Sotheby’s is not responsible for any acts or omissions by any third party retained for these purposes including, without limitation, any packing, shipping or delivery of purchased Lots. Similarly, where Sotheby’s may suggest or recommend any third party handler, packer or carrier if so requested by a Buyer, you acknowledge and agree that Sotheby’s does not accept liability for their acts or omission and you agree to release Sotheby’s from any such liability.

(c) Any Lot sold in an Online Only Auction may be affected by laws on exports from the country in which it is sold and the import restrictions of other countries. Many countries require a declaration of export for property leaving the country and/or an import declaration on entry of property into the country. Obtaining the necessary permits and/or licences may result in additional costs and subsequent delays. Local laws may prevent you from importing a Lot or may prevent you from selling a Lot in the country which you import into. It is the Buyer's sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot. Any symbols or notices in the sale catalogue reflect Sotheby’s reasonable opinion at the time of cataloguing and offer Bidders general guidance only. For further guidance on export/import restrictions, please refer to the Guide to Buying in an Online Only Auction set out above.

(d) Without prejudice to Conditions 3 and 4 above, Sotheby's and the Seller make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes. The denial of any permit or licence shall not justify cancellation or rescission of the sale contract or any delay in payment.

(e) Sotheby’s is unable to arrange delivery to those locations which are specified as excluded zones in the shipping costs calculator which is available on the Online Only Platform (each an “Unavailable Destination”). In the event that you request delivery of a Lot to an Unavailable Destination, Sotheby’s reserves the right to require you to collect the Lot from the Sotheby’s storage facility at Greenford (13 Ockham Drive, Greenford, Middlesex, UB6 0FD) or to arrange delivery of the Lot by a third party carrier.

11. Cancellation of an Online Only Sale

(a) If the Buyer is an Online Consumer and the Seller is an Online Trader, the Buyer shall have the right to cancel the sale contract which exists directly between the Online Trader (as Seller) and the Online Consumer (as Buyer) during the Online Sale Cancellation Period for any reason provided that (i) the Online Consumer duly informs Sotheby’s during the Online Cancellation Period of their intention to cancel the purchase of the Lot; and (ii) the Online Consumer returns the Lot to Sotheby’s without undue delay and in any event not later than fourteen (14) calendar days from the day after the Online Consumer has communicated their intention to cancel the purchase of the Lot to Sotheby’s.

(b) To exercise the right to cancel the sale contract in relation to a Lot, the Online Consumer must inform Sotheby’s (being the company within the Sotheby’s Group and specified in the Online Sale Information which offers to sell the Lot either as agent for the Seller or as principal) of their decision to cancel the sale contract by a clear statement (e.g. a letter sent by post, fax or email). Alternatively, the Online Consumer may use the model cancellation form set out below. Provided that the Online Consumer sends the communication to inform the Online Trader of the cancellation prior to the end of the Online Sale Cancellation Period, the Online Consumer will be deemed to have cancelled the sales contract within the Online Sale Cancellation Period.

(c) If the Online Consumer cancels the sales contract within the Online Sale Cancellation Period, Sotheby’s will reimburse (without undue delay and in any event within fourteen (14) calendar days after receipt of the returned Lot from the Online Consumer within the time frame specified in Condition 11(a)(ii) payments received by Sotheby’s from the Online Consumer (including the Purchase Price and any Standard Online Delivery Costs). Sotheby’s shall not process the reimbursement unless and until the Lot is returned to Sotheby’s or you have supplied Sotheby’s with evidence of having returned the Lot to us.

(d) Sotheby’s will make the reimbursement to the Online Consumer using the same method of payment as the Online Consumer used for the initial transaction, unless expressly agreed otherwise. Sotheby’s will not charge the Online Consumer any fee in connection with processing the reimbursement.

(e)Sotheby’s shall not reimburse the Online Consumer by the amount of any supplementary costs which arise if you chose a type of delivery other than the least expensive type of standard delivery offered by Sotheby’s or any import duties we incur as a result of you returning the Lot to us. Sotheby’s is entitled to deduct from the reimbursement the amount of any loss in value of the Lot which is caused as a result of unnecessary handling by you.

(f)You shall send back the Lot or hand it over to us at such address as we may specify for the purpose, without undue delay and in any event no later than 14 calendar days from the day after which you communicate your cancellation of your purchase of the Lot to us. This deadline is met if you send back the Lot before the period of 14 calendar days has expired. You will have to bear the direct costs of returning the Lot. If we arranged for the Lot to be delivered we estimate that the cost of returning the Lot by the same means is likely to be similar to the cost of delivery but it is not possible for us to be more accurate as to this cost due to the many variables involved in our worldwide business model and the means by which a return might be made.

12. Cancellation of Services

(a) If the Buyer is an Online Consumer and the Seller is an Online Consumer, the Buyer shall not have the right to cancel the sale contract (in accordance with Condition 11 above). However, the Buyer shall be entitled to cancel the contract for any delivery services which Sotheby’s agrees to provide to the Buyer in connection with your purchase of the Lot during the Services Online Sale Cancellation Period without giving any reason.

(b) As a Buyer in an Online Auction, you request Sotheby’s immediately to begin performance of the delivery services during the Online Services Cancellation Period. If you subsequently decide to exercise your right to cancel the provision of services (in accordance with Condition 12(a) above) during the Online Services Cancellation Period, you shall pay to Sotheby’s an amount which is in proportion to the value of the services that have been performed by the time you exercise your cancellation right. Sotheby’s will make any reimbursement due to you without undue delay and in any event, not later than fourteen (14) days after the date on which we are informed about your decision to cancel the services. Sotheby’s will make the reimbursement to the Online Consumer using the same method of payment as the Online Consumer used for the initial transaction, unless expressly agreed otherwise. Sotheby’s will not charge the Online Consumer any fee in connection with processing the reimbursement.

(c) To exercise the right to cancel the contract in for delivery services in relation to a purchased Lot, the Online Consumer must inform Sotheby’s of their decision to cancel the provision of services by a clear statement (e.g. a letter sent by post, fax or email). Alternatively, the Online Consumer may use the model cancellation form set out below. Provided that the Online Consumer sends the communication to inform the Online Trader of the cancellation prior to the end of the Online Services Cancellation Period, the Online Consumer will be deemed to have cancelled the sales contract within the Online Services Cancellation Period.

Model form of cancellation – sale of goods/provision of services

To: Sotheby’s [insert the name of the company within the Sotheby’s Group and specified in the Online Sale Information]

I/We* hereby give notice that I/We* cancel my/our sale of the following goods [*]/for the provision of the following services [*],

Ordered on [*]/received on [*],

Name of Online Consumer(s):

Address of Online Consumer(s):

Signature of Online Consumer(s) [only if the notification is in hard copy]

Date:

[*] Delete as appropriate

13. General

(a)All images and other materials produced for the auction are the copyright of Sotheby's, for use at Sotheby's discretion.

(b)Notices to Sotheby's should be in writing and addressed to the department in charge of the sale, quoting the reference number specified at the beginning of the sale catalogue. Notices to Sotheby's clients shall be addressed to the last address formally notified by them to Sotheby's.

(c)Should any provision of these Conditions of Business for Buyers (Online Only) be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.

(d)These Conditions of Business for Buyers (Online Only) are not assignable by any Buyer without Sotheby's prior written consent, but are binding on Buyers' successors, assigns and representatives. No act, omission or delay by Sotheby's shall be deemed a waiver or release of any of its rights.

(e)The Contracts (Rights of Third Parties) Act 1999 is excluded by these Conditions of Business for Buyers (Online Only) and shall not apply to any contract made pursuant to them.

(f)The materials listed in Condition 1(a) above set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract pursuant to these terms in reliance on any representation, warranty or undertaking which is not expressly referred to in such materials.

14. Data Protection

Sotheby's will use information provided by its clients (or which Sotheby's otherwise obtains relating to its clients) for the provision of auction and other art-related services, loan and insurance services, client administration, marketing and otherwise to manage and operate its business, or as required by law. This will include information such as the client's name and contact details, proof of identity, financial information, records of the client's transactions, and preferences. Some gathering of information about Sotheby's clients will take place using technical means to identify their preferences in order to provide a higher quality of service to them. Sotheby's may also disclose the client information to other Sotheby's Companies and/or third parties acting on their behalf to provide services for the purposes listed above.

Sometimes, Sotheby's may also disclose this information to carefully selected third parties for their own marketing purposes. If you do not wish your details to be used for this purpose, please email enquiries@sothebys.com.

If the client provides Sotheby's with information that is defined by European data protection laws as "sensitive", the client agrees that it may be used for the purposes set out above.

In the course of these disclosures, personal data collected in the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have legislation that protects a client’s personal information, Sotheby’s shall take reasonable steps to keep such information secure and in accordance with European data protection principles. By agreeing to these Conditions of Business for Buyers (Online Only), the client is agreeing to such disclosure.

Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about Sotheby's data protection policies by writing to Sotheby’s, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance or emailing enquiries@sothebys.com.

15. Law and Jurisdiction

Governing LawThese Conditions of Business for Buyers (Online Only) and all aspects of all matters, transactions or disputes to which they relate or apply (including any online bids in the sale to which these Conditions apply) shall be governed by and interpreted in accordance with English law.

JurisdictionFor the benefit of Sotheby’s, all Bidders and Sellers agree that the Courts of England are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Business for Buyers (Online Only) relate or apply. All parties agree that Sotheby’s shall retain the right to bring proceedings in any court other than the Courts of England.

Service of ProcessAll Bidders and Sellers irrevocably consent to service of process or any other documents in connection with proceedings in any court by facsimile transmission, personal service, delivery by mail or in any other manner permitted by English law, the law of the place of service or the law of the jurisdiction where proceedings are instituted, at the last address of the Buyer or Seller known to Sotheby’s or any other usual address.

SOTHEBY’S AUTHENTICITY GUARANTEE FOR ANY PROPERTY (EXCEPT BOOKS AND JEWELLERY TO WHICH THE AUTHENTICITY GUARANTEES SET OUT BELOW APPLY)

If Sotheby’s sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below Sotheby’s will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Sotheby’s for the item, in the currency of the original sale.

For these purposes, “counterfeit” means a lot that in Sotheby’s reasonable opinion is an imitation created to deceive as to authorship, origin, date, age, period, culture or source, where the correct description of such matters is not reflected by the description in the catalogue (taking into account any Glossary of Terms). No lot shall be considered a counterfeit by reason only of any damage and/or restoration and/or modification work of any kind (including repainting or over-painting).

Please note that this Guarantee does not apply if either:-

(i) the catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or

(ii) the only method of establishing at the date of the sale that the item was a counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely to have caused damage to the lot or likely (in Sotheby’s reasonable opinion) to have caused loss of value to the lot; or

(iii) there has been no material loss in value of the lot from its value had it been in accordance with its description.

This Guarantee is provided for a period of five (5) years after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:-

(i) notify Sotheby’s in writing within three (3) months of receiving any information that causes the Buyer to question the authenticity or attribution of the item, specifying the lot number, date of the auction at which it was purchased and the reasons why it is thought to be counterfeit; and

(ii) return the item to Sotheby’s in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.

Sotheby's has discretion to waive any of the above requirements. Sotheby's may require the Buyer to obtain at the Buyer's cost the reports of two independent and recognised experts in the field, mutually acceptable to Sotheby's and the Buyer. Sotheby's shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Sotheby's decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.

ULLAGES (LEVEL OF WINE)

For Bordeaux, Port and other wines in bottles with defined shoulders the ullage/level is shown, if relevant, by its position in the bottle. Our interpretations are as follows:

u. – ullage/ullages (levels)

n. – within neck; the normal level of young wines

bn. – bottom neck; completely acceptable for any age of wine

vts.– very top shoulder; completely acceptable for any age of wine

ts. – top shoulder; usual level for wines over 15 years old

hs.– high shoulder; typical reduction through the cork, usually no problem

ms. – mid shoulder; usually some deterioration fo the cork and therefore some variation

Example: (u. 3hs) means 3 bottles ullaged to high shoulder

For Burgundy, German and other wines in bottles with sloping necks the ullage is shown in centimetres, measured from the base of the cork.

Example: (u. 2x5cm) means 2 bottles ullaged 5 centimetres.

Cautionary notes

1. Whilst we do all that is possible to indicate accurately the levels of older wines, such levels may change between cataloguing and sales. This may be caused by the aging of the cork or by a change in the temperature of the storage conditions or the shipment of the wine.

2. There is a risk of cork failure in old wines which must be taken into account by the potential buyer.

3. Sotheby’s will not entertain any price negotiation or credit after the delivery is made and returns will not be accepted

4. Under no circumstances will substitutes be provided by Sotheby’s; for example in the case of breakage, or error of description.

5. Labels may be stained where wines have been stored in damp conditions. It should be noted that such storage conditions are generally beneficial.

GLOSSARY OF TERMS

The following are examples of the terminology used in this catalogue. Any statement as to authorship, attribution, origin, date, age, provenance and condition is a statement of opinion and is not to be taken as a statement of fact. Please read carefully the terms of the Conditions of Business for Buyers (Online Only) and the Authenticity Guarantee set out above, in particular Conditions 3 and 4 of the Conditions of Business for Buyers (Online Only).

1. GIOVANNI BELLINI

In our opinion a work by the artist. When the artist’s forename(s) is not known, a series of asterisks, followed by the surname of the artist, whether preceded by an initial or not, indicates that in our opinion the work is by the artist named.

2. ATTRIBUTED TO GIOVANNI BELLINI

In our opinion probably a work by the artist but less certainty as to authorship is expressed than in the preceding category.

3. STUDIO OF GIOVANNI BELLINI

In our opinion a work by an unknown hand in the studio of the artist which may or may not have been executed under the artist’s direction.

4.CIRCLE OF GIOVANNI BELLINI

In our opinion a work by an as yet unidentified but distinct hand, closely associated with the named artist but not necessarily his pupil.

5. MANNER OF GIOVANNI BELLINI

In our opinion a work in the style of the artist and of a later date.

6. AFTER GIOVANNI BELLINI

In our opinion a copy of a known work of the artist.

7.The term signed and/or dated and/or inscribed means that in our opinion the signature and/or date and/or inscription are from the hand of the artist.

8.The term bears a signature and/or date and/or inscription means that in our opinion the signature and/or date and/or inscription have been added by another hand.

9.Dimensions are given height before width.

PABLO PICASSO | PICADOR (A. R. 162)