BUYING AT AUCTION - WINE & SPIRITS SALES

The following is intended to give you useful information on how to buy at auction. All bidders should read the following information carefully and note that Sotheby’s act for the seller. Bidders’ attention is specifically drawn to Conditions 3 and 4, which require them to investigate lots prior to bidding and which contain specific limitations and exclusions of the legal liability of Sotheby’s and sellers. The limitations and exclusions relating to Sotheby’s are consistent with its role as auctioneer of large quantities of goods of a wide variety and bidders should pay particular attention to these Conditions. Prospective bidders should also consult www.sothebys.com for the most up to date cataloguing of the property.

Bidding per Lot Bidding is per lot. Where a lot contains more or less than a case, the estimate has been altered on a pro rata basis.

Buyer’s Premium A buyer’s premium of 21% plus VAT will be added to the hammer price and is payable by the buyer as part of the total purchase price.

VAT Please see the page ‘VAT and Other Tax Information for Buyers at Wines and Spirits Sales’.

Wines offered Duty Paid Except where otherwise stated, all lots are offered duty paid and bidding is at duty paid prices

It is advisable to consult us nearer the time of sale as estimates can be subject to revision. The estimates printed in the auction catalogue do not include the buyer’s premium or any applicable VAT.

Cataloguing of old Wines and Spirits Wines and spirits are catalogued as accurately as possible at the time of going to press including the levels. However, such levels may change between cataloguing and sales. This may be caused by the ageing of the cork or by a change in the temperature of the storage conditions or the shipment of the Wines and Spirits. Additionally, there is a risk of cork failure in old wines and spirits which must be taken into account by the potential purchasers. Purchasers must take into consideration the natural variations and conditions of cases, labels, ullages, corks and wines or spirits. Except as set out in Sotheby’s Authenticity Guarantee, Sotheby’s is unable to accept returns.

Cautionary Notes Sotheby’s will not entertain any price negotiation or credit after the delivery is made and returns will not be accepted. Under no circumstances will substitutes be provided by Sotheby’s; for example in case of breakage, or error of description.

Wines and spirits offered ex-cellars or FOB This applies only to wines and spirits lying abroad. Bidding is at ex-cellars or FOB prices as appropriate.

1. BEFORE THE AUCTION

Catalogue Subscriptions If you would like to take out a catalogue subscription, please ring +44 (0)20 7293 5000.

Bidding in advance of the live auction Certain auctions have a period of online bidding followed by a live auction. In such cases, if you are unable to attend the live auction in person and wish to place bids, or simply wish to bid in advance of the live auction, you may do so on sothebys.com or via the Sotheby’s App (each an “Online Platform” and together, the “Online Platforms”). In order to do so, you must register an account with Sotheby’s and provide the requested information. Once you have done so, navigate to your desired lot and click the “Place Bid” button to start the process. You may bid at or above the starting bid displayed on the relevant Online Platform. Please note that Sotheby’s reserves the right to amend the starting bid prior to the start of the live auction. You may also input your maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value, in response to other bids, including bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve (if applicable). The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you. If the status of your bid changes, you will receive notifications via email and a push notification (if you have enabled push notifications on your device) prior to the start of the live auction. You may raise your maximum bid at any time in advance of the live auction. Please note that in certain circumstances clients who have been outbid may be reinstated as the leading bidder and will receive notification via email or push (if enabled on your device). Please refer further to the “DURING THE AUCTION” section below. Online bids are made subject to the Additional Terms and Conditions for Online Bidding, which are published below and can also be viewed at sothebys.com, as well as the Conditions of Business applicable to the sale. Online bidding may not be available for Premium Lots.

Pre-sale Estimates Pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and low pre-sale estimates would, in our opinion, offer a chance of success. However, lots can realise prices above or below the pre-sale estimates. It is advisable to consult us nearer the time of sale as estimates can be subject to revision. The estimates do not include the buyer’s premium or VAT.

Pre-sale Estimates in US Dollars and Euros Although the sale is conducted in pounds sterling, the pre-sale estimates in some cases are also published in US dollars and/or Euros. The rate of exchange is the rate at the time of publication of this guide. Therefore, you should treat the estimates in US dollars or Euros as a guide only.

Condition of Lots Solely as a convenience, Sotheby’s may also provide condition reports. The absence of reference to the condition of a lot in the catalogue description does not imply that the lot is free from faults or imperfections. Please refer to Condition 3 of the Conditions of Business for Buyers below.

Provenance In certain circumstances, Sotheby’s may publish the history of ownership of an item of property if such information contributes to scholarship or is otherwise well known and assists in distinguishing the item of property. 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 property.

2. DURING THE AUCTION

Conditions of Business Sotheby’s auctions are governed by the Conditions of Business and Authenticity Guarantee. These apply to all aspects of the relationship between Sotheby’s and actual and prospective bidders and buyers. Anyone considering bidding in a Sotheby’s auction should read them carefully. They may be amended by way of notices posted in the saleroom or by way of announcement made by the auctioneer. Online bids are made subject to the Conditions of Business applicable to the sale and the Additional Terms and Conditions for Online Bidding, which are published below and can also be viewed at sothebys.com.

Bidding at the Live Auction Following any applicable online bidding period, bids may be executed during the live auction in person, on the telephone or online via an Online Platform.

Auction speeds vary, but average between 50 and 200 lots per hour. The bidding steps are generally in increments of approximately 10% of the previous bid.

Please refer to Conditions 5 and 6 of the Conditions of Business for Buyers published below.

Bidding in Person If you would like to bid in person at the live auction, you may register for a paddle prior to the start of the live auction through an Online Platform or by contacting the Bids Department. Alternatively, you may register for a paddle upon entering the saleroom. Proof of identity will be required. If you are a first-time bidder, you will also be asked for your address, phone number, email address and signature in order to create your account. If you have a Sotheby’s Client Card, it will facilitate the registration process.

Should you be the successful buyer of a lot, please ensure that your paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer, please draw the auctioneer’s attention to it immediately.

All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses.

Please do not mislay your paddle; in the event of loss, inform the Sales Clerk immediately. At the end of the sale, please return your paddle to the registration desk.

Telephone Bids In some circumstances, we offer the ability to place bids by telephone live to a Sotheby’s representative on the auction floor. Please see sothebys.com or contact the Bids Department prior to the sale to make arrangements or to answer any questions you may have. Telephone bids are accepted only at Sotheby’s discretion and at the caller’s risk. Calls may also be recorded at Sotheby’s discretion. By bidding on the telephone, prospective buyers consent thereto.

Absentee Bidding For some sales (other than where the option to submit an Advance Bid (as defined below) is enabled and a current bid is visible on the Online Platforms), if you are unable to attend the live auction in person, you may place your maximum bid prior to the start of the live auction on an Online Platform or by submitting your maximum bid in writing to the Bids Department. When the lot that you are interested in comes up for sale, the auctioneer will execute the bid on your behalf, making every effort to purchase the lot for as little as possible and never exceeding your limit. Please place your bids as early as possible, as in the event of identical absentee bids the earliest received will take precedence. Bids should be submitted at least twenty-four hours before the auction. This service is free and confidential.

Advance Bidding For certain sales, bidders may submit bids in advance of the live auction (“Advance Bid”) through an Online Platform, as described above in “BEFORE THE AUCTION” section or by submitting your maximum bid in writing to the Bids Department. For these sales, if you submit an Advance Bid prior to the live auction, the system will automatically bid on your behalf up to and including your predetermined maximum Advance Bid in response to other bids and will alert you via email and push notifications (if enabled on your device). During the live auction, if your Advance Bid remains as the leading bid, the auctioneer will execute your bid on your behalf in response to other bids. You may also continue to bid during the live auction above your predetermined maximum Advance Bid via an Online Platform using the Live Online Bidding method described below.

Live Online Bidding If you cannot attend the live auction, it may be possible to bid live online via an Online Platform For information about registering to bid via an Online Platform please refer to sothebys.com.

Consecutive and Responsive Bidding The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing consecutive or responsive bids for a lot. Please refer to Condition 6 of the Conditions of Business for Buyers published below.

Interested Parties Announcement 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 make an announcement in the saleroom that interested parties may bid on the lot. In certain instances, interested parties may have knowledge of the reserves.

Employee Bidding 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.

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.

Currency Board As a courtesy to bidders, a currency board is operated in many salerooms. It displays the lot number and current bid in both pound sterling and foreign currencies. Exchange rates are approximations based on recent exchange rate information and should not be relied upon as a precise invoice amount. Sotheby’s assumes no responsibility for any error or omission in the currency amounts shown.

3. AFTER THE AUCTION

Invoices Successful bidders will receive an invoice detailing their purchase and giving instructions for payment and clearance of goods.

Payment Payment is due immediately after the sale and may be made by Sterling Wire Transfer or Sterling Cheque. Payments by Sterling Cash and by Credit/Debit Cards are also accepted subject to certain restrictions and/or surcharges – please see below.

• 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 buyers preferring to make a 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. Forms to facilitate this are available from the Post Sale Services Department.

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. 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.

Card payment Sotheby’s accepts payment by Visa, MasterCard, American Express and CUP credit and debit cards. Card payments may not exceed £30,000 per sale. All cards are accepted in person at Sotheby’s premises at the address noted in the catalogue. With the exception of CUP, card payments may also be made (a) online at http://www.sothebys.com/en/invoice-payment.html; (b) via the Sotheby’s App; (c) by calling Post Sale Services at +44 (0)20 7293 5220; or (d) in person at Sotheby’s premises in London.

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

New Clients If you have opened a new account with Sotheby’s since 1 December 2002, and have not already provided appropriate identification, you will be asked to present documentation confirming your identity before property can be released to you. We may also contact you to request a bank reference. Please provide government issued photographic identification such as a passport, identity card or driver’s licence and confirm your permanent address.

The Conditions of Business require buyers to pay immediately for their purchases. However, in limited circumstances and with the seller’s agreement, Sotheby’s may grant buyers it deems creditworthy the option of paying for their purchases on an extended payment term basis. Credit terms must be arranged prior to the sale. In advance of determining whether to grant the extended payment terms, Sotheby’s may require credit references and proof of identity and residence.

Collection It is Sotheby’s policy to request proof of identity on collection of a lot. Lots will be released to you or your authorised representative when full and cleared payment has been received by Sotheby’s. If you are in doubt about the location of your purchases, please contact the Sale Administrator prior to arranging collection. Removal, storage and handling charges may be levied on uncollected lots. Please refer to Condition 7 of the Conditions of Business for Buyers published below.

Storage Storage and handling charges may apply. For information concerning post sale storage and charges, please contact Sotheby’s Wine & Spirits department. Please refer to Condition 7 of the Conditions of Business for Buyers published below.

Loss or Damage

Purchased lots (other than those sold in casks - please refer to RELEASE AND STORAGE OF CASKS BELOW ) are at the buyer’s risk from (a) the earliest of (i) collection by the buyer or their agent or (ii) 30 days after the live auction; or (b) delivery to the buyer where Sotheby’s has arranged shipment. Until risk passes, Sotheby’s will compensate the buyer for any loss or damage to the lot up to the maximum of the purchase price. Sotheby’s assumption of liability for loss or damage is subject to the exclusions set out in Condition 6 of the Conditions of Business for Sellers.

02/20 wine_buyers

Important notices

Estimates in US Dollars and Euros

As a guide to potential buyers, estimates for this sale are also shown in US Dollars and Euros. The estimates printed in the catalogue in Pounds Sterling have been converted at the following rate, which was current at the time of printing. These estimates may have been rounded:

£1 = US$1.29

£1 = €1.19

By the date of the sale this rate is likely to have changed, and buyers are recommended to check before bidding.

During the sale Sotheby’s may provide a screen to show currency conversions as bidding progresses. This is intended for guidance only and all bidding will be in Pounds Sterling. Sotheby’s is not responsible for any error or omissions in the operation of the currency converter.

Payment for purchases is due in Pounds Sterling, however the equivalent amount in any other currency will be accepted at the rate prevailing on the day that payment is received in cleared funds.

Settlement is made to vendors in the currency in which the sale is conducted, or in another currency on request at the rate prevailing on the day that payment is made by Sotheby’s.

Sotheby’s authenticity guarantee

If Sotheby’s sells any wines and spirits which the Buyer subsequently shows to Sotheby’s reasonable satisfaction 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 such wine or spirits, in the currency of the original sale.

For these purposes, “counterfeit” means a wines and spirits that in Sotheby’s reasonable opinion is an imitation created to deceive as to producer and vintage, where the correct description of the producer and vintage is not reflected by the description in the catalogue.

The Guarantee is provided for a period of twenty one (21) days from the date of the relevant auction, is solely for the benefit of the original Buyer of record 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 such 21 day period of the reasons for believing the wines and spirits to be counterfeit, specifying the lot number, date of the auction at which it was purchased; and

(ii) return the item to Sotheby’s at the original selling location in the same condition as at the date of sale to the Buyer and be able to transfer good title to the lot, 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.

Subject to the above, in the event that Sotheby’s determines that the Property is “counterfeit”, as the Buyer’s sole remedy Sotheby’s will rescind the sale and the seller will return the purchase price for the lot to the Buyer. Neither Sotheby’s nor the seller shall be liable for any incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest.

Location, storage, collection and delivery of wines

Wines and spirits charges relating to wines and spirits in bond Please note that there may be an administration charge made by the warehouse for processing export paperwork for wines and spirits being exported under bond. Any such charge is the sole responsibility of the buyer and is a matter between the warehouse and the buyer or their agent.

Release of Lots Authority for the release of lots to the buyer will be a Release Order signed by Sotheby’s which will be issued only after full payment has been received and appropriate identification has been provided. Supply of a Release Order constitutes delivery by Sotheby’s.

Delivery Standard price shipping is available for deliveries to mainland England. Deliveries will be charged at £10 + VAT per case of wine, subject to a minimum delivery charge of £30 + VAT. Price on application quotes are available for all other UK addresses. Clients may accept a quote by including the delivery charge alongside payment of their wines and spirits invoice.

A lot can only be delivered to one address (it is not possible to split a lot for delivery to more than one address).

Clients (or their agents) must examine all purchases in the presence of the carrier on arrival.

Non-arrival, loss, breakage and shortage on collection or delivery

In the event of non-arrival of any purchased property, you must inform Sotheby’s in writing within 30 days of the date on the Release Note unless otherwise mutually agreed in writing. In the event of loss, breakage or shortage in transit, where Sotheby’s has arranged shipment, you must notify Sotheby’s and the carrier in writing as soon as possible but in any event no later than 30 days from delivery of the property to you.

Collected lots must be examined in the presence of a representative of the warehouse on collection. In the event of loss, breakage or shortage, you must immediately notify the warehouse and contact Sotheby’s in writing within three business days from delivery of the lot to you.

Sotheby’s Greenford Park Fine Art Storage Facility

Opening hours:

Monday to Friday 8.30am to 4.30pm

Sotheby’s Greenford Park,

13 Ockham Drive,

Greenford, Middlesex, UB6 0FD

Tel: +44 (0)20 7293 5600

Fax: +44 (0)20 7293 5625

Route guidance to Sotheby’s Greenford Park Fine Art Storage Facility From Bond Street head towards Regents Park, take the A40 Marylebone Road to Western Avenue. Take the exit off the A40 signposted Greenford A4127. At the roundabout take the third exit signposted Harrow and Sudbury, A4127 onto Greenford Road. Go under the railway bridge and at the traffic lights turn first left into Rockware Avenue. At the T Junction turn right onto Oldfield Lane North and then left into Ockham Drive. Stop at the security barrier and say you are visiting Sotheby’s. Once cleared, travel 300 yards down the road and Unit 13 is situated on the left hand side.

Deliveries Overseas Sotheby’s cannot arrange nor take responsibility for shipments to non-UK buyers, but will be pleased to introduce them to a forwarding agent. Where it is necessary to have a licence to import wines or spirits, procural of the licence shall be the sole responsibility of the buyer. All agents/shippers, collecting wines and spirits on behalf of buyers for non-UK shipments, must examine consignments in the presence of staff of the warehouse from which wines and spirits are collected. Sotheby’s will not refund any shipping charges under any circumstances.

Storage Sotheby’s will provide storage free of charge (either on their own premises or elsewhere) for purchased lots for thirty days from the date of sale. If by that date collection has not taken place or Sotheby’s has not received full payment together with valid delivery instructions, storage will be charged at the rate of £2.00 per case or part case per week. No lot will be released until all outstanding charges have been paid. Long term, temperature and humidity controlled storage for your wines and spirits can be arranged through Sotheby’s Wines and Storage. Please contact winestorage@sothebys.com, for more information.

RELEASE AND STORAGE OF CASKS

The cask lots offered in the sale are stored in bond at the locations described within the cataloguing notes corresponding to that lot.

After the sale buyers of cask lots will be required to make direct contact with the distillery/warehouse where the cask is being held directly to arrange for the transfer of the cask(s) they have purchased to a private bond account with the distillery/warehouse. A new bond account can be set up with the distillery/warehouse who will first require the buyer to establish whether they are a “Revenue Trader”. For the definition of and criteria for “Revenue Trader” status please consult www.gov.uk. Buyers who meet the criteria for Revenue Trader status and are based in the UK will be required to register with HMRC and provide the distillery/warehouse holding your cask with your HMRC approval to be able to own casks Under Bond.

Buyers who are based in the UK, but do not meet the criteria of a Revenue Trader, i.e. a private individual, or a company owning the whisky for purposes other than selling it do not need to be registered with HMRC and may open a new bond account without HMRC Revenue Trader approval. Buyers who are based outside of the UK and do meet the criteria of a Revenue Trader, will need to appoint somebody who is based in the UK to act as your Duty Representative.

This person/company must be approved by HMRC. Sotheby’s can act as Duty Representative on your behalf if you are a non-UK Revenue Trader.

Buyers who are based outside the UK and are not a Revenue Trader do not need to register with HMRC or appoint a Duty Representative and may open a new bond account with the distillery/warehouse without HMRC approval.

UK based Revenue Traders who have not been granted WOWGR (Warehousekeepers and Owners of Warehoused Goods Regulations) status by HMRC are not able to legally own lots sold in cask and should not, therefore, bid on these lots. Please contact Sotheby’s Wine & Spirits department for further information regarding the above requirements.

Please note that liability for loss and damage on casks passes to the buyer upon the fall of the hammer.

SYMBOLS

The following key explains the symbols you may see inside this catalogue.

○ Guaranteed Property

The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s or jointly by Sotheby’s and a third party. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Sotheby’s may provide an irrevocable bid, or otherwise bid, on the guaranteed property. If the Guaranteed Property symbol for a lot is not included in the printing of the auction catalogue, a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in a catalogue is guaranteed, the Important Notices in the sale catalogue will so state and this symbol will not be used for each lot.

△ Property in which Sotheby’s has an Ownership Interest

Lots with this symbol indicate that Sotheby’s owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest.

⋑ Irrevocable Bids

Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, will be compensated based on the final hammer price in the event he or she is not the successful bidder or may receive a fixed fee in the event he or she is the successful bidder. If the irrevocable bidder is the successful bidder, the fixed fee (if applicable) for providing the irrevocable bid may be netted against the irrevocable bidder’s obligation to pay the full purchase price for the lot and the purchase price reported for the lot shall be net of such fixed fee. If the irrevocable bid is not secured until after the printing of the auction catalogue, a pre-lot announcement will be made indicating that there is an irrevocable bid on the lot. If the irrevocable bidder is advising anyone with respect to the lot, Sotheby’s requires the irrevocable bidder to disclose his or her financial interest in the lot. If an agent is advising you or bidding on your behalf with respect to a lot identified as being subject to an irrevocable bid, you should request that the agent disclose whether or not he or she has a financial interest in the lot.

⊻ Interested Parties

Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneficiary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full Buyer’s Premium. In certain instances, interested parties may have knowledge of the reserve. In the event the interested party’s possible participation in the sale is not known until after the printing of the auction catalogue, a pre-lot announcement will be made indicating that interested parties may be bidding on the lot.

□ No Reserve

Unless indicated by a box (□), all lots in this catalogue are offered subject to a reserve. A reserve is the confidential hammer price established between Sotheby’s and the seller and below which a lot will not be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate for the lot. Where a lot is offered “without reserve” absentee bids will be executed at a minimum of 10% of the low estimate. If any lots in a sale are offered without a reserve, these lots are indicated by a box (¡à). If all lots in a sale are offered without a reserve, a Special Notice will be included to this effect and the box symbol will not be used.

✧ Premium Lot

In order to bid on “Premium Lots” ( in print catalogue or ² in eCatalogue) you will be requested to complete a Premium Lot pre-registration application. You must arrange for Sotheby’s to receive your pre-registration application at least three working days before the sale. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. Sotheby’s decision whether to accept any pre-registration application shall be final. If your application is accepted, you will be provided with a special paddle number. If all lots in the catalogue are “Premium Lots”, a Special Notice will be included to this effect and this symbol will not be used.

♦ Wines and spirits offered in bond available duty paid

Lots marked ♦ are in bond, available duty paid. Please refer to the section entitled ‘VAT and Other Tax Information for Buyers at Wines and spirits Sales’ for further information on such lots.

♢ Wines and spirits offered in bond only

Lots marked ♢ are sold in bond only. Please refer to the section entitled ‘VAT and Other Tax Information for Buyers at Wines and spirits Sales’ for further information on such lots.

VAT AND OTHER TAX INFORMATION FOR BUYERS AT WINE & SPIRITS SALES

The following paragraphs are intended to give general guidance to buyers on the VAT and certain other potential tax implications of purchasing at Sotheby’s Wines and Spirits Department sales. 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 day of the auction will be the rates charged. 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).

Please also refer to ‘A Breakdown of the Costs of Buying Wines and Spirits at Sotheby’s’ in this Catalogue for further information.

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.

Please see ‘Exports from the European Union’ for the conditions to be fulfilled before the amount in lieu of VAT in the buyer’s premium may be 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.)

(VAT-registered buyers from within the EU requiring an invoice under the normal VAT rules, instead of a margin scheme invoice, should notify the Post Sale Service Group or the Client Accounts Department on the day of the 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 Client Accounts Department for assistance.)

2. Property with a † 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 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.)

(All business buyers from outside the UK should refer to ‘VAT refunds to Non EU business buyers’ for information on how to recover VAT incurred on the buyer’s premium).

3. Property with a ♦ symbol

These items are in bond. The buyer has a choice of taking the item in bond (with the sale being made in bond) or taking the item duty paid. Bidding is at in bond prices.

If taken in bond, VAT will not be charged on the hammer price. VAT will be charged at the standard rate on the buyer’s premium.

If taken duty paid, duty at the current rate and bond clearance charges, equivalent to the standard rate of VAT on the hammer price plus duty, will be added to the buyer’s invoice. Unless notified otherwise at the time of sale, EU residents will receive a duty paid invoice. Buyers requiring their wine or spirits in bond must arrange collection of their wine or spirits either by a shipper with a bond movement guarantee or by a registered tax warehouse if the wine or spirits are to remain in the UK. If the buyer subsequently removes the wines or spirits from bond the buyer will be responsible for duty, clearance, delivery, VAT and any other charges that may apply from the date of the sale.

If taken duty paid, when Sotheby’s releases the property to buyers in the UK, the buyer must pay Sotheby’s duty at the current rate and import VAT at the standard rate on the hammer price plus duty which may not be cancelled or refunded by Sotheby’s. VAT will be charged at the standard rate on the buyer’s premium.

(VAT - registered buyers from the UK should note that the invoice issued by Sotheby’s showing import VAT payable, is not suitable evidence for recovering that VAT. In order to recover this as input tax, a VAT registered buyer must purchase the wines or spirits in bond and clear it under his own name and VAT number. HM Revenue and Customs will then issue a Form C79 which is acceptable evidence for recovering the VAT as input tax subject to the normal rules.)

(All business buyers from outside the UK should refer to ‘VAT refunds to Non EU business buyers’ for information on how to recover VAT incurred on the buyer’s premium).

4. Property sold with a ♢ symbol

These lots will be sold in bond. VAT will not be charged on the hammer price. VAT will be charged at the standard rate on the buyer’s premium.

Wines and spirits will be transferred in bond to the purchaser upon payment. Sotheby’s do not offer the facility of clearing the wines and spirits to duty paid. Delivery is not available.

(All business buyers from outside the UK should refer to ‘VAT refunds to Non EU business buyers’ for information on how to recover VAT incurred on the buyer’s premium.)

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 Buyers 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 † symbol

The amount of 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 sale. Sotheby’s must be provided with the appropriate proof of export immediately after export of the goods.

• Sotheby’s is not able to cancel or refund any VAT charged on sales made to UK or EU private residents.

• any refund of VAT is subject to a minimum of £50 per shipment and a processing charge of £20.

Please note that where wines and spirits is offered in bond the only way to avoid paying UK VAT on the hammer price is to export the wine or spirits under bond.

6. VAT refunds to Non EU business buyers

Where a non EU buyer is able to show that it is in business the VAT charged on Buyers Premium on lots described in paragraphs 2, 3 and 4 may be refunded. Sotheby’s is required to keep evidence sufficient to show HMRC that this is the case, acceptable evidence would include a current VAT, GST or Sales Tax registration or advertising material to show that the business offers its goods and services for sale.

In any case where Sotheby’s is unable to refund any VAT charged it may be possible to make a claim direct to HMRC, further information is available on their website at www.hmrc.gov.uk/vat/managing/international/nonEU-visits.htm , such refunds are available to businesses located outside of the 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.

Conditions of business for buyers

The nature of the relationship between Sotheby’s, Sellers and Bidders and the terms on which Sotheby’s (as auctioneer) and Sellers contract with Bidders are set out below.

Bidders’ attention is specifically drawn to Conditions 3 and 4 below, which require them to investigate lots prior to bidding and which contain specific limitations and exclusions of the legal liability of Sotheby’s and Sellers. The limitations and exclusions relating to Sotheby’s are consistent with its role as auctioneer of large quantities of goods of a wide variety and Bidders should pay particular attention to these Conditions.

1. Introduction

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

(i) these Conditions of Business;

(ii) the Conditions of Business for Sellers displayed in the saleroom and which are available upon request from Sotheby’s UK salerooms or by telephoning +44 (0)20 7293 6482;

(iii) Sotheby’s Authenticity Guarantee as published below;

(iv) any additional notices and terms published by Sotheby’s, including the guide to Buying at Auction; and

(v) in respect of online bidding via an Online Platform, the Additional Terms and Conditions for Online Bidding published below and available on www.sothebys.com and the Sotheby’s App, in each case as amended by any saleroom notice or auctioneer’s announcement at the live auction.

(b) As auctioneer, Sotheby’s acts as agent for the Seller. A sale contract is made directly between the Seller and the Buyer. However, Sotheby’s may own a lot (and in such circumstances acts in a principal capacity as Seller) and/or may have a legal, beneficial or financial interest in a lot as a secured creditor or otherwise.

2. Common Terms

In these Conditions of Business:

“ARR” is applicable artist resale right royalty payable by the Buyer on the qualifying Property;

“Bidder” is any person considering, making or attempting to make a bid, by whatever means, and includes Buyers;

“Buyer” is the person who makes the highest bid or offer accepted by the auctioneer, and includes such person’s principal when bidding as agent;

“Buyer’s Expenses” are any costs or expenses due to Sotheby’s from the Buyer, including an amount in respect of any applicable VAT thereon, and any ARR payable in respect of the sale of the Property,;

“Buyer’s Premium” is the commission payable by the Buyer on the Hammer Price at the rates set out in the guide to Buying at Auction plus any applicable VAT or an amount in lieu of VAT;

“Counterfeit” is as defined in Sotheby’s Authenticity Guarantee;

“Hammer Price” is the highest bid accepted by the auctioneer by the fall of the hammer, (in the case of wine or spirits, as apportioned pro-rata by reference to the number of separately identified items in that lot), or in the case of a post-auction sale, the agreed sale price;

“Purchase Price” is the Hammer Price and applicable Buyer’s Premium and VAT;

“Reserve” is the (confidential) minimum Hammer Price at which the Seller has agreed to sell a lot;

“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);

“VAT” is Value Added Tax at the prevailing rate. Further information is contained in the guide to Buying at Auction.

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 inspections and investigations to satisfy themselves as to the lots in which they may be interested.

(b) Each lot offered for sale at Sotheby’s is available for inspection by Bidders prior to the sale. Sotheby’s accepts bids on lots solely on the basis that Bidders (and independent experts on their behalf, to the extent appropriate given the nature and value of the lot and the Bidder’s own expertise) have fully inspected the lot prior to bidding and have satisfied themselves as to both the condition of the lot and the accuracy of its description.

(c) 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 the auction (whether or not Bidders are in attendance at the auction). Condition reports may be available to assist when inspecting lots. Catalogue descriptions and condition reports may on occasions make reference to particular imperfections of a lot, but Bidders should note that lots may have other faults not expressly referred to in the cataloguing or condition report. Illustrations are for identification purposes only and will not convey full information as to the actual condition of lots.

(d) Information provided to Bidders in respect of any lot, including any estimate, whether written or oral and including information in any cataloguing, condition 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.

(e) 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.

(f) Subject to the matters referred to at 3(a) to 3(e) above and to the specific exclusions contained at Condition 4 below, Sotheby’s shall exercise such reasonable care when making express statements in catalogue descriptions or condition reports as is consistent with its role as auctioneer of lots in the sale to which these Conditions relate, 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 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(f) 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 auctions 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 Purchase Price with regard to that lot. Neither Sotheby’s nor the Seller shall under any circumstances be liable for any consequential losses.

(e) None of 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. Bidding at Auction

(a) Sotheby’s has absolute discretion to refuse admission to the live auction. Bidders who wish to bid in person must complete a Paddle Registration Form and supply such information and references as required by Sotheby’s. Bidders act as principal unless they have Sotheby’s prior written consent to bid as agent for another party. Bidders are personally liable for their bid and are jointly and severally liable with their principal if bidding as agent.

(b) Where available, telephone bids are offered as an additional service for no extra charge, at the Bidder’s risk and shall be undertaken with reasonable care subject to Sotheby’s other commitments at the time of the live auction; Sotheby’s therefore cannot accept liability for failure to place such bids save where such failure is unreasonable. Telephone bids may be recorded.

(c) Online bids are made subject to the Additional Terms and Conditions for Online Bidding (published below and available on www.sothebys.com or via the Sotheby’s App) which apply in relation to bids submitted via an Online Platform, in addition to these Conditions of Business.

6. Conduct of the Auction

(a) Unless otherwise specified, all lots are offered subject to a Reserve, which shall be no higher than the low presale estimate at the start of the live auction.

(b) The auctioneer has discretion at any time to refuse any bid, withdraw any lot, re-offer a lot for sale (including after the fall of the hammer) if he believes there may be error or dispute, and take such other action as he reasonably thinks fit.

(c) During the live auction, the auctioneer will commence and advance the bidding at levels and in increments he considers appropriate and is entitled to place a bid or series of bids on behalf of the Seller up to the Reserve on the lot, without indicating he is doing so and whether or not other bids are placed.

(d) Subject to Condition 6(b), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer, whereupon the Buyer becomes liable to pay the Purchase Price.

(e) Any post-auction sale of lots offered at auction shall incorporate these Conditions as if sold in the live auction.

7. Payment and Collection

(a) Unless otherwise agreed, payment of the Purchase Price for a lot and any Buyer’s Expenses are due by the Buyer in pounds sterling immediately on conclusion of the live auction (the “Due Date”) notwithstanding any requirements for export, import or other permits for such lot.

(b) Title in a purchased lot will not pass until Sotheby’s has received the Purchase Price and Buyer’s Expenses for that lot 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 Purchase Price and Buyer’s Expenses.

(c) The Buyer is obliged to arrange collection of purchased lots no later than thirty (30) calendar days after the date of the live auction. Purchased lots are at the Buyer’s risk (and therefore their sole responsibility for insurance) from the earliest of i) collection or ii) the thirty-first calendar day after the live auction. Until risk passes, Sotheby’s will compensate the Buyer for any loss or damage to the lot up to a maximum of the Purchase Price paid. Buyers should note that Sotheby’s assumption of liability for loss or damage is subject to the exclusions set out in Condition 6 of the Conditions of Business for Sellers.

(d) For all items stored by a third party and not available for collection from Sotheby’s premises, the supply of authority to release to the Buyer shall constitute collection by the Buyer.

(e) All packing and handling is at the Buyer’s risk. Sotheby’s will not be liable for any acts or omissions of third party packers or shippers.

8. 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 within five days of the live auction, 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 Purchase Price and Buyer’s Expenses 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 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 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 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.

9. Bidder’s / Buyer’s Warranties

(a) The Bidder and/or Buyer warrants that:

(i) the Bidder and/or Buyer is not subject to trade sanctions, embargoes or any other restriction on trade in the jurisdiction in which it does business as well as under the laws of the European Union, the laws of England and Wales, or the laws and regulations of the United States, and is not owned (nor partly owned) or controlled by such sanctioned person(s) (collectively, “Sanctioned Person(s)”).)”); and

(ii) the funds used for purchase and settlement of the lot(s) are not connected with nor have any link to nor are derived from any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity, and the Bidder and/or Buyer is neither under investigation, nor has been charged with or convicted of without limitation, tax evasion, money laundering, terrorist activities or other criminal activity.

(b) Where the Bidder is bidding on behalf of another person or acting as agent, the principal (in either case, for the purposes of this Condition 9(b), the “Agent”) for another party (the “Principal(s)”), the Agent warrants in its own capacity (in addition to the warranties set out in Condition 9(a)) that:

(i) the Principal(s) is not a Sanctioned Person(s) nor owned (or partly owned) or controlled by Sanctioned Person(s).);

(ii) (c) the funds used for purchase and settlement of the lot(s) are not connected with, nor have any link to any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity and that the arrangements between the Agent and the Principal(s) of the lot(s) or otherwise do not, in whole or in part facilitate tax crimes;

(iii) the lot(s) purchased by the Agent or the Principal(s) is not being purchased for the purposes of, or being used in any way connected with, or to facilitate breaches of any applicable tax, anti-money laundering or anti-terrorism laws or regulations;

(iv) the Agent has conducted appropriate customer due diligence on the Principal(s) of the lot(s) in accordance with all applicable anti-money laundering and sanctions laws and regulations and the Agent does not know and has no reason to suspect that the funds used for settlement are derived from or connected with proceeds of any criminal activity including without limitation tax evasion, or that the ultimate buyer(s) is under investigation, or has been charged with or convicted of money laundering, terrorist activities or other criminal activity;

(v) the Agent consents to Sotheby’s relying on the Agent’s customer due diligence, and the Agent will retain for a period of not less than 5 years the documentation evidencing the Agent’s customer due diligence. The Agent will make such documentation promptly available for immediate inspection by an independent third-party auditor upon Sotheby’s written request to do so.

(c) The Bidder and/or Buyer hereby undertakes and warrants that none of the Purchase Pricefunds used for purchase and settlement will be funded by any Sanctioned Person(s), nor will any party involved in the transaction including financial institutions, freight forwarders or other forwarding agents or any other party be a Sanctioned Person(s) nor owned (or partly owned) or controlled by a Sanctioned Person(s), unless such activity is authorized in writing by the government authority having jurisdiction over the transaction or in applicable law or regulation.

(d) Sotheby’s reserves the right to seek identification of the source of funds received, and to make enquiries about any person transacting with Sotheby’s. If Sotheby’s has not completed its enquiries in respect of anti-money laundering, anti-terrorist financing or other checks as it considers appropriate concerning the Bidder and/or Buyer or the Seller to Sotheby’s satisfaction at its discretion, Sotheby’s shall be entitled either not to complete or to cancel the sale of any lot, as appropriate, and to take any further action required or permitted under applicable law without any liability to the Bidder and/or Buyer.

10. Failure to collect purchases

(a) If the Buyer pays the Purchase Price and Buyer’s Expenses but fails to collect a purchased lot within thirty calendar days of the live auction, the lot will be stored at the Buyer’s expense (and risk) at Sotheby’s or with a third party.

(b) If a purchased lot is paid for but not collected within six months of the live auction, the Buyer authorises Sotheby’s, having given notice to the Buyer, to arrange a resale of the item by auction or private sale, with estimates and reserves at Sotheby’s discretion. The proceeds of such sale, less all costs incurred by Sotheby’s, will be forfeited unless collected by the Buyer within two years of the original live auction.

11. Export and Permits

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 published in respect of the lot reflect Sotheby’s reasonable opinion at the time of cataloguing and offer Bidders general guidance only. 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.

12. 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 of the sale. 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 be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.

(d) These Conditions of Business 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 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.

13. Data Protection

Sotheby’s will hold and process the Buyer’s personal information and may share it with another Sotheby’s Group company for use as described in, and in line with, Sotheby’s Privacy Policy published on Sotheby’s website at www.sothebys.com or available on request by email to enquiries@sothebys.com.

14. Law and Jurisdiction

Governing Law These Conditions of Business 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.

Jurisdiction For 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 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 Process All 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.

Additional Terms and Conditions for Online Bidding

The following terms and conditions (the “Online Terms”) provide important information related to live online bidding on sothebys.com or via the Sotheby’s App (each, an “Online Platform” and together, the “Online Platforms”).

These Online Terms are in addition to and subject to the same law which governs our standard Conditions of Business for Sellers, Conditions of Business for Buyers, the authenticity guarantee and any other terms that are applicable to the relevant sale (together “Conditions of Business”), and are not intended in any way to replace them. By participating in this sale via any Online Platform, you acknowledge that you are bound by the Conditions of Business applicable in the relevant sale and by these Online Terms.

Advance Bidding

1. In the case of certain auctions, bidders can bid in advance of the live auction through an Online Platform (“Advance Bids”). In order to do so, you must register an account with Sotheby’s and provide requested information. You may bid at or above the starting bid displayed on the relevant Online Platform. Please note that Sotheby’s reserves the right to amend the starting bid prior to the start of the live auction.

You may also input a maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value, in response to other bids, including bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve (if applicable). Please note that reserves may be set at any time before the start of the live auction and your maximum bid may be executed against the reserve once such the reserve is set. Bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve, will be counted towards the total bid count displayed on the Online Platform.

The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you unless it is the leading bid. If the status of your bid changes, you will receive notifications via email and push (if you have the Sotheby’s App installed) leading up to the live auction. You may raise your maximum bid at any time in advance of the live auction. Once the live auction begins, the auctioneer will open bidding at the current leading bid. The system will continue to bid on your behalf up to your predetermined maximum bid, or you may continue to bid via an Online Platform during the live auction at the next increment. You may nevertheless lower your maximum bid prior to the live auction by contacting the Bids Department, except that you may not lower it to a level lower than the current leading bid.

Please note that in certain circumstances, clients who have been outbid may be reinstated as the leading bidder and will receive notification via email or push (if enabled on your device)

Live Online Bidding

2. Once it commences, a live auction is by its nature fast-moving and bidding may progress very quickly. The procedure for placing bids online during the live auction is therefore a one-step process; as soon as the “Place Bid” button is clicked, a bid is submitted. By bidding online, you accept and agree that bids submitted in this way are final and that you may not be permitted to amend or retract your bid. If a successful bid is sent to Sotheby’s from an Online Platform using your Sotheby’s account, you irrevocably agree to pay the full purchase price, including buyer’s premium and all applicable taxes and other applicable charges. You may nevertheless lower your maximum bid prior to the live auction by contacting the Bids Department, except that you may not lower it to a level lower than the current leading bid.

3. The next bidding increment is shown for your convenience. The auctioneer has discretion to vary increments for bidders in the auction room and on the telephone but bidders using an Online Platform to bid may not be able to place a bid in an amount other than a whole bidding increment. All bidding for the sale will be in the domestic currency of the sale location, and online bidders will not be able to see the currency conversion board that may be displayed in the auction room.

General use of an Online Platform

4. By bidding via an Online Platform, you accept and agree that bids submitted in this way are final and that you may not be permitted to amend or retract your bid. If a successful bid is sent to Sotheby’s from an Online Platform using your Sotheby’s account, you irrevocably agree to pay the full purchase price, including buyer’s premium and all applicable taxes and other applicable charges.

5. The record of sale kept by Sotheby’s will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale kept by Sotheby’s, the record of sale will govern.

6. Online bidders are responsible for making themselves aware of all saleroom notices and announcements which will be accessible on the Online Platforms.

7. Sotheby’s reserves the right to refuse or revoke permission to bid via Online Platforms and to remove bidding privileges during a sale.

8. The purchase information shown in the “My Bids” section of the Sotheby’s App and in the “Account Activity” section of “My Account” on sothebys.com is provided for your convenience only. Successful bidders will be notified and invoiced after the sale. In the event of any discrepancy between the online purchase information which may or may not be shown in the My Bids section and the invoice sent to you by Sotheby’s following the sale, the invoice prevails. Terms and conditions for payment and collection of property remain the same regardless of how the winning bid was submitted.

9. Sotheby’s offers online bidding as a convenience to our clients. Sotheby’s is not responsible for any errors or failures to execute bids placed online, including, without limitation, errors or failures caused by (i) a loss of connection to the internet or to the online bidding software by either Sotheby’s or the client; (ii) a breakdown or problems with the online bidding software; or (iii) a breakdown or problems with a client’s internet connection, computer or electronic device. Sotheby’s is not responsible for any failure to execute an online bid or for any errors or omissions in connection therewith.

10. Online bidding will be recorded.

11. In the event of any conflict between theses Online Terms and Sotheby’s Conditions of Business and the terms of Sotheby’s Authenticity Guarantee, Sotheby’s Conditions of Business and Authenticity Guarantee will control.

LE STANZE DEL POLIZIANO 2003 Poliziano