BUYING AT AUCTION - STUDIO SALE

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.

BUYER’S PREMIUM AND OVERHEAD PREMIUM

A buyer’s premium and overhead premium will be added to the hammer price and are payable by the buyer as part of the total purchase price.

The buyer’s premium is 25% of the hammer price up to and including £300,000; 20% on any amount in excess of £300,000 up to and including £3,000,000; and 13.9% on any remaining amount in excess of £3,000,000. The overhead premium, which covers an allocation of Sotheby's overhead costs relating to our facilities, property handling and other administrative expenses, is 1% of the hammer price.

These rates are exclusive of any applicable VAT.

1. BEFORE THE AUCTION

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 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 Online Platforms. 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 push (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, overhead premium, any applicable Artist’s Resale Right levy 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.

Solely as a convenience, Sotheby’s may provide condition reports. The absence of reference to the condition of a lot in the lot 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.

ELECTRICAL AND MECHANICAL GOODS

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 is checked and approved by a qualified electrician.

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 item of property.

2. DURING THE LIVE 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 STUDIO SALE

Following any applicable online bidding period, bids may be executed during the live auction on the telephone or online via an Online Platform.

Auction speeds vary, but average between 50 and 120 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.

Bidders using an Online Platform are 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.

TELEPHONE BIDS

In some circumstances, we offer the ability to place bids by telephone live to a Sotheby’s representative on the auction floor. If bidding by telephone, we suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you. Please see sothebys.com or contact the Bid 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)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 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 purchases 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 in London. 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 your property or sale proceeds 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.

COLLECTIONS

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. Please note that items marked with a ‘W’ in the on the lot's specific webpage will be sent to Sotheby’s Greenford Park Fine Art Storage Facility immediately following the sale and therefore buyers are requested to arrange early collection of their goods as they will be subject to handling and storage charges after 30 days. 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 see Sotheby’s Greenford Park, Storage and Collection Information published below. Please refer to Condition 7 of the Conditions of Business for Buyers published below.

Purchases remaining at our New Bond Street premises 90 days after the sale may be transferred to Sotheby’s Greenford Park Fine Art Storage (see Sotheby’s Greenford Park, Storage and Collection information). All such transferred purchases will be subject to further storage and handling charges from the point of transfer.

LOSS OR DAMAGE’

Buyers are reminded that Sotheby’s accepts liability for loss or damage to lots for a maximum period of thirty (30) days after the date of the live auction. Please refer to Condition 7 of the Conditions of Business for Buyers published below.

SHIPPING

Sotheby’s offers a comprehensive shipping service. Except if otherwise indicated in this Buying At Auction Guide, our Shipping Department can advise buyers on exporting and shipping property, and arranging delivery. If you are bidding via an Online Platform, our shipping calculator is available to help you determine the delivery charges in relation to the item of property on which you wish to bid.

For further assistance please contact: Post Sale Services (Mon-Fri 9am to 5pm) Tel +44 (0)20 7293 5220 Fax +44 (0)20 7293 5910 Email: ukpostsaleservices@sothebys.com

We will send you a quotation for shipping your purchase(s). Transit risk insurance may also be included in your quotation. If the quotation is accepted, we will arrange the shipping for you and will despatch the property as soon as possible after receiving your written agreement to the terms of the quotation, financial release of the property and receipt of any export licence or certificates that may be required. Despatch will be arranged at the buyer’s expense. Sotheby’s may charge an administrative fee for arranging the despatch.

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.

EXPORT

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.

Sotheby’s, upon request and for an administrative fee, may apply for a licence to export your lot(s) outside the UK.

• A UK Licence is necessary to move cultural goods valued at or above the relevant UK Licence limits from the UK.

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

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.

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. 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 United States 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 12 of the Conditions of Business for Buyers published below). 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.

EXPLANATION OF SYMBOLS

The following key explains the symbols you may see beside the lots of property included in this sale.

○ 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 an auction has a printed and/or PDF catalogue and the Guaranteed Property symbol for a lot is not included in that auction catalogue, the symbol will be included on the lot's specific webpage, a notice will be added to the Sotheby's webpage for the auction and/or a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in an auction is -guaranteed, this will be included on the webpage for the auction and where there is a printed and/or PDF catalogue the Important Notices in that 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, may be compensated for providing the irrevocable bid by receiving a contingent fee, a fixed fee or both. If the irrevocable bidder is the successful bidder, any contingent fee, fixed fee or both (as 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 any such fees. From time to time, Sotheby’s may enter into irrevocable bid agreements that cover multiple lots. In such instances, the compensation Sotheby’s will pay the irrevocable bidder is allocated to the lots for which the irrevocable bidder is not the successful purchaser. Under such circumstances, the total compensation to the irrevocable bidder will not exceed the total buyer’s premium and other amounts paid to Sotheby’s in respect of any lots for which the irrevocable bidder is not the successful bidder. If an auction has a printed and/or PDF catalogue and the irrevocable bid is not secured until after that auction cataloguing is finalised, Sotheby’s will notify bidders that there is an irrevocable bid on the lot by one or more of the following means: the symbol will be included on the lot's specific webpage, a notice will be added to the Sotheby's webpage for the auction and/or a pre-sale or pre-lot announcement will be made. From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. 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 and overhead premium. In certain instances, interested parties may have knowledge of the reserve. If an auction has a printed and/or PDF catalogue and the interested party’s possible participation in the sale is not known until after that auction catalogue is finalised, the symbol will be included on the lot's specific webpage, a notice will be added to the Sotheby's webpage for the auction and/or 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 included in this sale 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 included in a sale are offered without a reserve, these lots are indicated by a box (□). If all lots included 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 for each lot.

⊕ PROPERTY SUBJECT TO THE ARTIST’S RESALE RIGHT

Resale Right Purchase of lots marked with this symbol (⊕) will be subject to payment of the Artist’s Resale Right, at a percentage of the hammer price calculated as follows:

Portion of the hammer price (in €)Royalty Rate

From 0 to 50,000 4%

From 50,000.01 to 200,000 3%

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.

◉ RESTRICTED MATERIALS

Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The information is made available for the convenience of Buyers and the absence of the Symbol is not a warranty that there are no restrictions regarding import or export of the Lot; Bidders should refer to Condition 12 of the Conditions of Business for Buyers. Please also refer to the section on Endangered Species in the Buying at Auction Guide. As indicated in the Endangered Species section, Sotheby’s is not able to assist buyers with the shipment of any lots with this symbol into the US. A buyer’s inability to export or import any lots with this symbol cannot justify a delay in payment or a sale’s cancellation.

∏ MONUMENTAL

Lots with this symbol may, in our opinion, require special handling or shipping services due to size or other physical considerations. Buyers are advised to inspect the lot and to contact Sotheby’s prior to the sale to discuss any specific shipping requirements.

✧PREMIUM LOTS

In order to bid on “Premium Lots” (✧ in print catalogue and/or ✧ on the lot's specific webpage) 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 all lots in the auction are “Premium Lots”, this will be stated on the webpage for the auction and where there is a printed and/or PDF catalogue a Special Notice will be included to this effect and this symbol will not be used.

Please refer to VAT information for Buyers for VAT symbols used in this sale. Value Added Tax (VAT) may be payable on the hammer price and/or the buyer’s premium and overhead premium. Buyer’s premium and overhead premium may attract a charge in lieu of VAT. Please read carefully the “VAT INFORMATION FOR BUYERS” stated below.

VAT AND OTHER TAX INFORMATION FOR BUYERS

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. Sotheby's is unable to provide tax advice to you and recommends you obtain Independent tax advice. In all cases the relevant tax legislation takes precedence and the VAT rates in effect on the day of the live 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 time of collection. 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 cataloguing (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 overhead premium and hence will charge an amount in lieu of VAT at the standard rate on these premiums. This amount will form part of the buyer’s premium and overhead 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 premiums.

Please see ‘Exports from the United Kingdom’ for the conditions to be fulfilled before the amount in lieu of VAT on the buyer’s premium and overhead premium may be cancelled or refunded.

Buyers 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 live auction and an invoice with VAT on the hammer price will be raised. Buyers requiring re-invoicing 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 the hammer price, buyer’s premium and overhead premium.

Please see ‘Exports from the United Kingdom' for the conditions to be fulfilled before the VAT charged on the hammer price may be cancelled or refunded.

3. PROPERTY WITH α SYMBOL

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

Items sold to buyers whose address is outside the UK will be assumed to be exported from the UK. The property will be invoiced under the normal VAT rules (see ‘Property sold with a † symbol’ above). Although the hammer price will be subject to VAT this will be cancelled or refunded upon export - see ‘Exports from the United Kingdom’. However, buyers who are not intending to export their property from the UK 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’ above).

4. PROPERTY SOLD WITH A ‡ OR Ω SYMBOL

These items have been imported from outside the UK 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:

‡ - the reduced rate Ω - the standard rate

You should also note that the appropriate rate will be that in force on the date of collection of the property from Sotheby’s and not that in force at the date of the sale.

These lots will be invoiced under the margin scheme. Sotheby’s must bear VAT on the buyer’s premium and overhead 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 and overhead premium on our invoice and will not be separately identified.

(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 sale, the Temporary Admission Department can either ask HM Revenue and Customs to generate a C79 certificate. Otherwise Sotheby’s may re-invoice the lot as if it had been sold with a † symbol and charge VAT at the standard rate on both the hammer price and premium and provide a tax invoice to the buyer. 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 UNITED KINGDOM

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 and Overhead Premium may be refunded provided the purchaser resides outside of the United Kingdom and the property is exported from the UK 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 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 UK 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 ‡ OR A Ω 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 UK

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

• The VAT liability is transferred to your shipper’s 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 († symbol), Sotheby’s is provided with appropriate documentary proof of export from the UK. Buyers carrying their own property should obtain hand-carry papers from the Shipping department to facilitate this process.

• for lots sold under Temporary Admission (‡ or Ω 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 ‡ or a Ω symbol.

• 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 residents unless the lot is subject to Temporary Admission and the property is exported from the UK and Sotheby’s is instructed to ship directly.

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

Buyers intending to export, repair, restore or alter lots sold under Temporary Admission (‡ or Ω 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 HM REVENUE AND CUSTOMS

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.

Email the Overseas Repayment Unit

newcastle.oru.hmrc.gsi.gov.uk

Use this email to contact HMRC about reclaiming VAT paid in the UK if your business is based overseas.

7. SALES AND USE TAXES

Buyers should note that local sales taxes or use taxes may become payable upon import of items following purchase (for example, use tax may be due when purchased items are imported into certain states in the US). Buyers should obtain their own advice in this regard.

In the event that Sotheby’s ships items for a purchaser in this sale to a destination within a US state in which Sotheby’s is registered to collect sales tax, Sotheby’s is obliged to collect and remit the respective state’s sales / use tax in effect on the total purchase price (including hammer price, buyer’s premium, overhead premium, artist’s resale right levy and any requested shipping services including insurance, as applicable) 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 / use tax will not be charged. Clients who wish to provide resale or exemption documentation for their purchases should contact Post Sale Services.

Clients who wish to have their purchased lots shipped to the US by Sotheby’s are advised to contact the Post Sale Manager listed on the auction webpage on Sotheby's website or, where applicable, in the front of a catalogue, before arranging shipping.

Conditions of Business for Buyers (Studio Sale)

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 a copy of which is available by request;

(iii) Sotheby’s Authenticity Guarantee as listed in the Studio Sale Information;

(iv) any additional notices and terms that are part of the Studio Sale Information; and

(v) in respect of online bidding via the internet, the Conditions of Business for Live Online Bidding as listed below, in each case as amended as part of the Studio Sale Information.

(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;

“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;

“EU/UK Consumer” is an individual habitually residing in the European Union or the United Kingdom who purchases a Lot and who is acting for purposes which are wholly or mainly outside that individual’s trade, business, craft or profession;

"Hammer Price" is the highest bid accepted by the auctioneer by the fall of the hammer, (in the case of wine, 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;

“Lot” is an item to be offered for sale at a Studio Sale (and “Lots” shall be construed accordingly)

"Overhead Premium" is the allocation of Sotheby’s overhead costs relating to Sotheby’s facilities, property handling and other administrative expenses that is payable by the Buyer on the Hammer Price at the rates set out in the guide to Buying at Auction in the sale catalogue, plus any applicable VAT or amount in lieu of VAT;

"Purchase Price" is the Hammer Price and applicable Buyer's Premium, Overhead Premium, ARR 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);

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

“Studio 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 catalogue available in print or as a PDF on Sotheby’s website in respect of the Studio Sale, any condition report provided by Sotheby’s in relation to the Lot (with any such condition report being deemed to include the online, PDF or printed images of the Lot); any other information relating to the Lot or the conduct of the Studio Sale (including, but not limited to, the Guide to Buying in a Studio Sale); any on-screen notices relating to the Studio Sale or the Lot; any notices shown or given verbally by Sotheby’s auctioneer during the live screening of the Studio Sale;

“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;

"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) 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 Studio Sale. Any reference to condition in the Studio 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 or other 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, and if applicable, the images of the Lot in the PDF or printed catalogue form part of the condition report provided by Sotheby’s. Certain images of the Lot may not accurately reflect the actual condition of the Lot. In particular, the images may represent colours and shades which are different to the Lot’s actual colour and shades. The Studio 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 or PDF or printed 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) Information provided to Bidders in respect of any Lot, including any estimate, whether written, online, or oral and including information presented online or in any online, PDF, or printed catalogue, 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.

(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 descriptions or condition reports for Lots 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) 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) Sotheby's will seek to carry out absentee written bids which are in pounds sterling and, in Sotheby’s opinion, clear and received sufficiently in advance of the sale of the Lot, endeavouring to ensure that the first received of identical written bids has priority.

(c) Written, telephone and online bids are offered as a 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 auction; Sotheby’s therefore cannot accept liability for failure to place such bids save where such failure is unreasonable. Telephone and online bids may be recorded. Online bids are made subject to the Conditions of Business for Live Online Bidding as listed below The Conditions of Business for Live Online Bidding apply in relation to online bids, 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 pre-sale estimate at the time of the 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) 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 auction.

7. Payment and Collection

(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 close of the Studio Sale. In the event of any discrepancy between notifications received by you and the invoice emailed to you by Sotheby’s after the relevant Studio Sale 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”) will include:

(i) the Hammer Price;

(ii) the Buyer’s Premium;

(iii) the Overhead Premium;

(iv) any ARR; and

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

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 release or shipment.

(c) Sotheby’s charges a Buyer’s Premium and Overhead Premium to the Buyer on the Hammer Price for each Lot sold. The amount of the Buyer’s Premium and Overhead Premium are set out in the Studio Sale Information.

(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 studio Sale Information.

(e) 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.

(f) 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 Studio Sale Information.

(g) 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 invoice (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 Studio Sale Information.

(h) Title in a purchased Lot will not pass until Sotheby's has received the total amounts due for that Lot in accordance with Condition 7

(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 7(b) above.

(i) If you fail to pay us the total amounts due for the purchased Lot(s) in accordance with Condition 7(b) above in full by the Due Date, Sotheby’s will be entitled to exercise any of the remedies identified at Condition 8 below.

(j) The Buyer is obliged to arrange collection of purchased Lot(s) no later than thirty (30) calendar days after the date of the 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 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.

(k) 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.

(l) 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 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. Cancellation of Studio Sale Purchase

(a) If the Buyer is an EU/UK Consumer and the Seller is an Trader, the Buyer shall have the right to cancel the sale contract which exists directly between the Trader (as Seller) and the EU/UK Consumer (as Buyer) during the Studio Sale Cancellation Period for any reason provided that (i) the EU/UK Consumer duly informs Sotheby’s during the Studio Sale Cancellation Period of their intention to cancel the purchase of the Lot; and (ii) the EU/UK 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 EU/UK Consumer has communicated their intention to cancel the purchase of the Lot to Sotheby’s. The cancellation right does not apply to the purchase of a Lot made to the Buyer’s specifications or a Lot that is clearly personalised.

(b) To exercise the right to cancel the sale contract in relation to a Lot, the EU/UK Consumer must inform Sotheby’s (being the company within the Sotheby’s Group and specified in the Studio 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 EU/UK Consumer may use the model cancellation form set out below. Provided that the EU/UK Consumer sends the communication to inform the Trader of the cancellation prior to the end of the Studio Sale Cancellation Period, the EU/UK Consumer will be deemed to have cancelled the sales contract within the Studio Sale Cancellation Period.

(c) If the EU/UK Consumer cancels the sales contract within the Studio 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 EU/UK Consumer within the time frame specified in Condition 8(a)(ii) payments received by Sotheby’s from the EU/UK Consumer (including the Purchase Price and, where the EU/UK Consumer has utilised Sotheby’s shipping services for the delivery of the Lot, the costs of any standard Shipping Services within the EU/UK). Sotheby’s shall not process the reimbursement unless and until the Lot is returned to Sotheby’s or the EU/UK Consumer has supplied Sotheby’s with evidence of having returned the Lot to us. Please note that Lots are to be returned to Sotheby’s in the same condition they were received by the EU/UK Consumer or their representative. Sotheby’s will make a deduction from the reimbursement for loss in value of the returned Lot, if such loss is the result of unnecessary handling by you.

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

(e) Sotheby’s shall not reimburse the EU/UK Consumer by the amount of any supplementary costs which arise if the EU/UK Consumer chooses 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 the EU/UK Consumer returning the Lot to us.

(f) The EU/UK Consumer 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 the EU/UK Consumer communicate their cancellation of their purchase of the Lot to us. This deadline is met if the EU/UK Consumer sends back the Lot before the period of 14 calendar days has expired. The EU/UK Consumer 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.

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 Studio 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 EU/UK Consumer(s):

Address of EU/UK Consumer(s):

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

Date:

[*] Delete as appropriate

10. 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/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 (in either case, for the purposes of this Condition 10(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 10(a)) that:

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

(ii) 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 funds 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.

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.

11. 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 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 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 auction.

12. 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 in the sale catalogue 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.

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 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.

14. 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.

15. 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 All Bidders and Sellers agree that the Courts of England and Wales are to have exclusive jurisdiction to settle all disputes (including non-contractual disputes) arising in connection with all aspects of all matters or transactions to which these Conditions of Business for Buyers (Studio Sale) relate or apply.

Service of Process All Bidders and Sellers irrevocably consent to service of process or any other documents in connection with proceedings in the Courts of England and Wales by personal service, delivery by mail or delivery by email at the last address of the relevant Bidder or Seller known to Sotheby’s or any other usual address or in any other manner permitted by English law, or by the law of the place of service.

ADDITIONAL TERMS AND CONDITIONS FOR ONLINE BIDDING

The following terms and conditions (the “Online Terms”) provide important information related to 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.

Live Online Bidding

1. The procedure for placing bids during the live auction is 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 Studio Sale by contacting Sotheby’s, except that you may not lower it to a level lower than the current leading bid.

2. The next bidding increment is shown for your convenience. The auctioneer has discretion to vary increments for bidders on the telephone but bidders using Online Platforms to bid may not be able to place a bid in an amount other than a whole bidding increment. All bidding for the Studio 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

3. 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.

4. 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.

5. Online bidders are responsible for making themselves aware of all saleroom notices and announcements which will be accessible on the Online Platforms or as part of the Studio Sale Information.

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

7. 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.

8. 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.

11. Online bidding will be recorded.

12. Online bidding is not possible for Premium Lots.

13. 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.

SOTHEBY’S AUTHENTICITY GUARANTEE

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 opinion(s) of scholar(s) and expert(s) 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.

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 (Studio Sale) and the Authenticity Guarantee set out above, in particular Conditions 3 and 4 of the Conditions of Business for Buyers (Studio Sale).

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.

An Anatolian rug fragment, 15th - 17th century