BUYING AT AUCTION

The following is intended to give you useful information on how to buy at a Sotheby’s auction. All bidders should read the following information carefully and note that Sotheby’s acts for the seller. Bidders’ attention is specifically drawn to Condition 3 of the Conditions of Business for Buyers, 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.

Sotheby’s auctions are governed by the Conditions of Business, including the Authenticity Guarantee (defined in the Conditions of Business for Buyers). 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.

This Guide contains the following sections:

1. BEFORE YOU BID (including information on how to create and login to your account)

2. HOW TO BID (in live auctions and in timed auctions)

3. PAYMENT

4. COLLECTION / STORAGE / SHIPMENT / EXPORT

5. SYMBOL KEY

6. VAT and Other Tax Information

7. Glossary AND ADDITIONAL INFORMATION ABOUT SPECIFIC TYPES OF PROPERTY

8. Important Notices

9. CONDITIONS OF BUSINESS FOR BUYERS for London Sales (including AUTHENTICITY GUARANTEE)

1. BEFORE YOU BID

A. Register a Verified Account with Sotheby’s

In order to be eligible to participate in a Sotheby’s auction, you must have registered, and maintain, an account with Sotheby’s. As part of that process you will be asked to provide valid and appropriate identification documents which will be verified by Sotheby’s (a “Verified Account”). The registration process requires you also to enter your debit card or credit card information, your address and to confirm that you have read and accept our Conditions of Business for Buyers and this guide to Buying at Auction. To create your Verified Account, please follow the instructions provided at:

https://www.sothebys.com/accountcreation

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

https://www.sothebys.com/login

B. 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 £700,000; 20% on any amount in excess of £700,000 up to and including £3,500,000; and 13.9% on any remaining amount in excess of £3,500,000, except that on the sale of Wine and Spirits the Buyer’s Premium rate is 24% of the entire hammer price.

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.

C. Browse the Lots for Sale

Once the relevant auction has opened on Sotheby’s website, the online sale information regarding each Lot for sale in the auction is available for you to review. Some auctions may also have a PDF catalogue available on the website.

D. Pre-sale Estimates

Pre-sale estimates are intended as a guide for prospective buyers. In our opinion, any bid between the high and low pre-sale estimates would offer a chance of success. However, lots can realise prices above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid as estimates can be subject to revision. Please note that the estimates do not include the buyer’s premium, overhead premium, any applicable Artist’s Resale Right levy or VAT.

Pre-sale Estimates in currencies other than Pound Sterling as a Guide Only

Although the sale is conducted in Pounds Sterling, the pre-sale estimates in some cases are also published in other currencies. The rate of exchange is the rate at the time of publication of this guide. Therefore, you should treat the estimates in any other currencies as a guide only.

Wine & Spirits sales

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

E. Premium Lots

Bidding on certain major lots is subject to additional requirements. In particular, a pre-registration application must be completed in advance of the sale. Bidders may also be required to provide financial references and pay a deposit before the sale. Please refer also to the 'Premium Lot' symbol description below.

F. Condition of Lots

All Lots are offered for sale in the condition which they are in at the time of sale. Prospective buyers are encouraged to inspect the property at the pre-sale exhibition, where available. Solely as a convenience, Sotheby’s may also provide condition reports and the online images of the Lot shall be deemed to form part of any such condition report. Any reference to condition in the online sale information will not amount to a full description of the condition and 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 also to Condition 3 of the Conditions of Business for Buyers.

(i) Wine & Spirits

Wines offered Duty Paid

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

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 or otherwise permitted under the applicable law and that cannot be excluded or limited by this Guide or the Conditions of Business for Buyers, 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.

Wines and spirits offered ex-cellars or Free On Board (FOB)

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

(ii) Treatment and Condition of Gemstones

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

To the extent that Sotheby’s has laboratory reports containing specific information on the treatment of a stone, these reports are made available for review by prospective buyers. Available reports from internationally recognized gemological laboratories will be noted in the description of the item. New forms of treatments and new scientific methods to discern them are constantly being developed. Consequently, there may be a lack of consensus among laboratories as to whether gemstones have been treated, the extent of the treatment or the permanence of the treatment. References in the e-catalogue descriptions to certificates or reports issued by gemological laboratories are provided only for the information of bidders, and Sotheby’s does not guarantee nor accept responsibility for the accuracy, terms or information contained in such certificates or reports. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results.

Regarding diamonds, Sotheby’s shares the concerns expressed by the United Nations Security Council with respect to uncut diamonds potentially coming from Angola and Sierra Leone. We will comply fully with the Security Council’s resolutions regarding these matters.

(iii) Watches

All watches, wristwatches and pocket watches are sold on the basis of their decorative and historic value and should not be assumed to be operative. They are sold as viewed and cannot be returned on the grounds that repairs have been carried out or parts supplied by anyone other than the named makers. Clients are advised that they should arrange for a qualified watchmaker to inspect all potential watch purchases prior to the auction or a Sotheby’s Watches expert may be contacted with a view to arranging an inspection.

Watches may not be taken apart whilst on view. Prospective buyers or their agents wishing to do so should make an appointment with the Watch Department for a private view the week before the sale. Although condition reports may be given on request, such reports are statements of opinion only and may not specify all mechanical replacements or imperfections in the movement, case and dial. All dimensions are approximate.

Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.

Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.

Please be advised that straps made of material derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these straps prior to shipping. Furthermore, in reference to watch bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

We make no representation or warranty as to the condition of any lot sold.

(iv) 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 and/or functional. It is essential that prior to any intended use, the electrical system is checked and approved by a qualified electrician.

G. 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.

H. Certificates of Authenticity

Various manufacturers may not issue certificates of authenticity upon request. Sotheby’s is not under an obligation to furnish the buyer with a certificate of authenticity from the manufacturer at any time. Failure of a manufacturer to issue a certificate will not constitute grounds to rescind the sale under any circumstances.

I. 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.

2. HOW TO BID

In addition to the following paragraphs, please refer also to Conditions 6 and 7 of the Conditions of Business for Buyers for further information on bidding and the conduct of the auction.

A. LIVE AUCTIONS

The Auction

Auctions are open to the public (subject to any governmental health or safety restrictions) without any admission fee or obligation to bid. The auctioneer introduces the objects for sale — known as “lots” — in numerical order as listed in the catalogue. Unless otherwise noted in the catalogue, on the sale page or by an announcement at the auction, Sotheby’s acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property. It is important for all bidders to know that 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 responsive or consecutive bids for a lot. The auctioneer will not place consecutive bids on behalf of the seller above the reserve. Please refer to Condition 7 of the Conditions of Business for Buyers.

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 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 place either an ‘advance bid’ or an ‘absentee bid’, both of which enable you to set your maximum bid on a lot, can be placed online or via the Bids Department ahead of the live auction. Please note that auctions will either have advance bidding or absentee bidding, never both. Placing the leading maximum bid before the live auction begins does not guarantee that another client will not outbid you before the auctioneer closes the lot.

Absentee bid is a maximum bid placed ahead of the live auction through an Online Platform, as described above in “Bidding in advance of the LIVE auction” section or by submitting a maximum bid in writing to the Bids Department. It will be executed on your behalf by the auctioneer during the live auction, at the lowest price possible and never for more than the maximum bid amount you indicate. 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.

Advance bid is a maximum bid placed ahead of the live auction through an Online Platform, as described above in “Bidding in advance of the LIVE auction” section or by submitting a maximum bid in writing to the Bids Department. It will be executed automatically on your behalf up to and including your predetermined maximum amount in response to any other bids placed on the lot. If your maximum bid is below the reserve, responsive bids may be placed by Sotheby’s on behalf of the seller up to the amount of the reserve ahead of the live auction. Upon the start of the live auction, if your maximum bid remains as the leading bid, the auctioneer will execute the bid on your behalf at the lowest price possible and never for more than the maximum bid amount you indicate. 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. The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you. 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).

If the status of your bid (either Absentee bid or Advance 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 and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on Auction page and Lot page (when logged in).

Please place your bids as early as possible, as in the event of identical absentee bids the earliest received will take precedence. Successful bidders will be notified after the auction.

Online bidding may not be available for Premium Lots.

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 120 lots per hour. The bidding steps are generally in increments of approximately 10% of the previous bid.

Online bidding may not be available for Premium Lots.

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 Paddle Registration. 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. 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.

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. Online bidding may not be available for Premium Lots.

B. TIMED AUCTIONS

A timed auction is an auction that is conducted solely through the Online Platforms.

Submission of a Bid for a Lot in a Timed Auction

A timed auction can be fast moving. Competitive bidding can often escalate very quickly. Once you have set up a Verified Account, you will be able to submit a bid for a Lot by clicking the ‘Place Bid’ button which appears at Lot level on the Online Platform and selecting your maximum bid. If you have not already registered as a Verified Accountholder, you will be prompted to do so at that point. You will then be asked to review and confirm your maximum bid by pressing ‘Continue to Confirm Bid’ and in doing so your bid is submitted. You accept and agree that a bid is submitted using the ‘Continue to Confirm Bid’ button and increased bids are submitted as set out in 'Monitoring and Increasing your Bids' below.

Bids can be submitted through the Online Platform from the start of the timed auction until the Lot closes.

You may bid at or above the starting bid displayed on the Online Platform. 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). Bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve, will be counted toward 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) and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on Auction page and Lot page (when logged in).

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

Monitoring and Increasing your Bids

If you are outbid at any time you will receive an email notification informing you accordingly and providing a link to follow to increase your bid and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on Auction page and Lot page (when logged in). We encourage you to monitor the bids on Lots throughout the duration of the timed auction to ensure your status as the highest bidder up until the close of the timed auction. Your updated bid is submitted by pressing ‘Continue to Confirm Bid’.

If you are using the Sotheby’s mobile application then the ‘Quick Bid’ option can also be used to submit a bid by either (i) swiping the ‘Quick Bid’ button all the way to the right of the screen; or (ii) pressing the ‘Quick Bid’ Button and then pressing the ‘Place Bid’ Button.

You can also use ‘quick filters’ via the Auction page to filter Lots based on your interest, including your bids, all lots and open lots. This feature allows you to track the Lots you are bidding on (in particular if you are bidding on multiple Lots which are closing at the same time).

Closing the Timed Auction

An end time is displayed for each Lot at Lot level on the Online Platform. Lots will close at the time stated at Lot level on the Online Platform unless a bid is placed within 1 minute of a Lot's scheduled end time. If this occurs, Sotheby’s will extend the sale of that Lot by 2 minutes from the time of the last bid for a maximum period of 2 hours. The extension of any Lot's closing time does not affect the closing time of the following Lots. This may result in Lots closing out of numerical order.

As an exception to the above, Wine & Spirits timed auctions are usually closed by an auctioneer.

Upon the closing of each Lot, you will receive another email and push notification indicating whether you have won or lost each Lot on which you have placed a bid and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on Auction page and Lot page (when logged in).

C. GENERAL

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 notify bidders that an interested party may bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the interested parties symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that an interested party 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.

3. PAYMENT

Invoices

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

If you are a successful buyer of a lot, you will be required to pay where applicable: Sales and/or Value Added Tax (VAT), import tax, customs duty and any local clearance fees applicable for your country e.g. US Merchandise Processing Fee, Artist’s Resale Right and/or shipping costs (which include the transit insurance fee). Please refer to the Conditions of Business for Buyers, in particular Condition 8, for more information.

In the event that you are eligible for a VAT rebate based on your confirmed delivery address, we may reissue the invoice.

Methods of 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 – please see below.

For lots eligible for payment in cryptocurrencies (as indicated by the Cryptocurrency Payments symbol), payments made in cryptocurrency shall be subject to the terms set out in Condition 8(b) of the Conditions of Business for Buyers.

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 in form of a utility bill no more than three months' old (no mobile phone bills are accepted). 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.

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

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 China Union Pay 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 China Union Pay, 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.

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.

Post Sale Services

If you have any questions relating to your purchase, our Post Sale Services will be happy to assist you. You can either contact the Post Sale Manager for the relevant sale as listed on the sale webpage (or the relevant sale catalogue) or use the following contact details:

Tel +44 (0)20 7293 5220

Fax +44 (0)20 7293 5910

Email: ukpostsaleservices@sothebys.com

Monday - Friday, 9am to 5pm.

4. COLLECTION / STORAGE / SHIPMENT / EXPORT

A. Lots other than Wines & Spirits

Smaller items can normally be collected from New Bond Street, however large items may be sent to Sotheby’s Greenford Park Fine Art Storage Facility. Specifically, items marked with a ‘W’ in the catalogue will be sent to Sotheby’s Greenford Park Fine Art Storage Facility immediately following the sale. If you are in doubt about the location of your purchases, please contact the UK Post Sale Services team prior to 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.

Buyers are requested to arrange early collection of their goods as they will be subject to handling and storage charges after 30 days following the auction. Removal, storage and handling charges may be levied on uncollected lots. Buyers are reminded that Sotheby’s accepts liability for loss or damage to lots for a limited period after the auction. Please refer to Condition 11 of the Conditions of Business for Buyers.

Collection from New Bond Street

Lots will be released to you or your authorised representative when full and cleared payment has been received by Sotheby’s, together with settlement of any removal, interest, handling and storage charges thereon, appropriate identification has been provided and a release note has been produced by our Post Sale Service Group at New Bond Street.

Any purchased lots that have not been collected within 30 days from the date of the live auction will be subject to handling and storage charges at the rates set out below. In addition, all purchased lots that have not been collected from our New Bond Street premises within 90 days of the live auction will be transferred to Sotheby’s Greenford Park Fine Art Storage Facility.

Opening hours: Monday to Friday 9.00am to 5.00pm

Address: Sotheby’s Property Collection, 34–35 New Bond Street London, W1A 2AA

Contact: Tel: +44 (0)20 7293 5358 Fax: +44 (0)20 7293 5933

Collection from Sotheby’s Greenford Park Fine Art Storage Facility

Purchasers must ensure that their payment has been cleared prior to collection and that a release note has been forwarded to Sotheby’s Greenford Park by our Post Sale Service Group at Sotheby’s New Bond Street. Buyers who have established credit arrangements with Sotheby’s may collect purchases prior to payment, although a release note is still required from our Post Sale Service Group as above.

Any purchased lots that have not been collected within 30 days from the date of the live auction will be subject to handling and storage charges at the rates set out below.

Opening hours: Monday to Friday 8.30am to 4.30pm

Address: Sotheby’s Greenford Park, 13 Ockham Drive, Greenford, Middlesex, UB6 0FD

Contact: 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.

Storage Charges

Any purchased lots that have not been collected within 30 days from the date of the auction will be subject to handling and storage charges. Please click on the link below for details of those charges:

https://www.sothebys.com/en/about/services/sothebys-fine-art-storage-facility?locale=en

Shipping

Sotheby’s offers a comprehensive shipping service. Except if otherwise indicated in this Guide, our Shipping Department can advise buyers on exporting and shipping property, and arranging delivery.

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) and we will ask you to confirm your delivery address. Transit risk cover 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 (and in the case of timed auctions, no later than thirty (30) days from the closing date of the relevant timed auction, unless due to circumstances outside of Sotheby’s control or otherwise explicitly agreed) after receiving your written agreement to the terms of the quotation, full payment of the invoice and the shipping costs, 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.

Additional Information regarding Shipping and Delivery in Timed Auctions

The online sale information includes a shipping costs calculator which has been developed by Sotheby's to enable you to estimate the amount it will cost you to have the Lot shipped to your delivery address (inclusive of VAT, associated packing and transit insurance costs) in the event that you are the successful bidder so that you are able to account for this cost in your assessment of the appropriate amount to bid for a Lot. The transit insurance price quoted by the shipping costs calculator shall not include the impact of any applicable Artist Resale Royalty levy ("ARR") on the total purchase price payable in respect of a Lot by the buyer. The shipping cost which is generated by the shipping costs calculator may differ to the actual amount of the buyer's shipping costs which is quoted to you in the buyer's shipping quote (which shall include the amount of any applicable ARR payable in relation to the Lot).

Please note that Sotheby’s is unable to arrange delivery to those locations which are specified as excluded zones in the shipping costs calculator which is available on the Online Platform (each an “Unavailable Destination”). In the event that you request delivery of a Lot to an Unavailable Destination, Sotheby’s reserves the right to require you to collect the Lot from the Sotheby’s storage facility at Greenford (13 Ockham Drive, Greenford, Middlesex, UB6 0FD) or to arrange delivery of the Lot by a third party carrier. The inability to ship to an Unavailable Destination will not justify the cancellation of a sale.

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. 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. The are some exceptions; please refer to Arts Council England’s website for specific information:

https://www.artscouncil.org.uk/sites/default/files/download-file/UK%20OGEL%20Value%20limits.pdf

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. 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. There are significant restrictions amounting to an almost total ban on the import and export of any elephant ivory into the UK and the EU.

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 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, the UK and the EU. A buyer’s inability to export or import these lots cannot justify a delay in payment or a sale’s cancellation.

Economic Sanctions

The United States, the United Kingdom and the European Union maintain economic and trade sanctions against targeted foreign countries, groups and organisations. There may be restrictions on the import into the United States, the United Kingdom and the European Union of certain items originating in sanctioned countries, including Burma, Cuba, Iran, North Korea, Sudan, Russia and Belarus. The purchaser’s inability to import any item into these countries 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.

B. Wines & Spirits

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 £11.50 plus VAT per case of wine, subject to a minimum delivery charge of £34.50 plus VAT, plus Sotheby’s Transit Care cover. 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.

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, obtaining 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.

C. 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.

5. Symbol KEY

□ 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. f any lots included in a sale are offered without a reserve, these lots are indicated by a box (□). If every lot included in a sale is offered without a reserve, a Special Notice will be included to this effect and the box symbol will not be used for each lot.

○ 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 printed or pdf auction catalogue (where applicable), then Sotheby’s will notify bidders that there is a guarantee on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the guaranteed property symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in a sale is guaranteed, a Special Notice will be included to this effect and this symbol will not be used for each lot.

⋑ 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. From time to time, a Sotheby’s shareholder may be an irrevocable bidder. 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 the irrevocable bid is not secured until after the auction catalogue is printed or any pdf auction catalogue is finalised (where applicable), Sotheby’s will notify bidders that there is an irrevocable bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the irrevocable bid symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is an irrevocable bid on the lot. From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. In addition, from time to time, an irrevocable bidder may have knowledge of the amount of a guarantee. 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.

△ 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.

⊻ 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. In the event the interested party’s possible participation in the sale is not known until after the printing or creation of a pdf auction catalogue, then Sotheby’s will notify bidders that an interested party may bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the interested parties symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that an interested party may bid on the lot.

⊕ Property Subject to the Artist’s 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. Please also refer to the section on Endangered Species in this Guide and the Conditions of Business for Buyers. 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 Lot

In order to bid on “Premium Lots” (in print catalogue or in 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 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.

➿ Cryptocurrency Payments

Sotheby’s will accept cryptocurrency as payment for lots with this symbol, within the parameters specified in the Conditions of Business for Buyers applicable to the sale and only on the terms and conditions set out therein as of the date of the sale. Please review those terms and conditions if you are interested in paying in cryptocurrency, and contact Post Sale Services for more information.

W – Property stored and to be collected from the Sotheby’s Greenford Park Warehouse

Please note that property can only be released once payment has been received in full and cleared funds and the Sotheby’s Post Sale Services team in New Bond Street will need to prepare a release note prior to you collecting. If you are sending your own authorised agent to collect property from Sotheby’s on your behalf, please provide a letter of authorisation, a copy of your paid invoice and photographic ID or a completed release of liability form (provided by Sotheby’s Post Sale Services).

♦ 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.

6. VAT and Other Tax Information

VAT

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.

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 a sale of a Lot 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).

Property with no VAT symbol - other than Book sales

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 Department on the day of a live auction or on the closing date of a timed auction, as applicable, 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 Post Sale Services Department for assistance.

Property with no VAT symbol - Book sales

Where there is no VAT symbol the property is free from VAT and Sotheby’s will not charge VAT on the hammer price, the buyer’s premium or the overhead premium.

Property with a # symbol - Book sales

Although these items are not free from VAT, Sotheby’s is able to use the 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 this premium. This amount will form part of the buyer’s premium and overhead premium, respectively, on our invoice and will not be separately identified.

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 Services 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 Post Sale Services Department for assistance.

Property with a † (single dagger) symbol

These items will be sold under the normal UK VAT rules and VAT will be charged at the standard rate on 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.

Except where the buyer is in business, Sotheby’s must always charge VAT on the buyer’s premium and overhead premium for these lots and will neither cancel nor refund the VAT charged.

Property with a α (alpha) symbol

Items sold to buyers whose address is in the UK will be assumed to be remaining in the UK. The property (other than Books) will be invoiced as if it had no VAT symbol (see ‘Property with no VAT symbol’ above for property other than Books) and the Books will be invoiced as if they had a # symbol (see ‘Property with a # symbol’ above).

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’. The buyer’s premium and overhead premium will always attract VAT, except where the buyer is in business. However, buyers who are not intending to export their property from the UK should notify our Post Sale Services 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 for property other than Books and ‘Property with a # symbol’ above for Books).

Property sold with a ‡ (double dagger) or Ω (omega) 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 a live sale or the closing date of a timed auction.

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 these premiums. 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 the live sale or the closing date in the case of timed auctions, as applicable, 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, buyer’s premium and overhead premium and provide a tax invoice to the buyer. This may enable a buyer who is VAT registered in the EU to avoid payment of VAT in the United Kingdom. Re-invoicing in this way may make the lot ineligible to be re-sold using the margin scheme.

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

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 and overhead 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, UK 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 and overhead premium.

(VAT - registered buyers from the UK should note that the invoice issued by Sotheby’s showing the Bond Clearance Charge 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 UK business buyers’ for information on how to recover VAT incurred on the buyer’s premium and overhead premium).

Property 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 and overhead 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 UK business buyers’ for information on how to recover VAT incurred on the buyer’s premium and overhead premium.)

Exports from the United Kingdom

In certain circumstances VAT may be cancelled or refunded provided Sotheby’s receive the appropriate export documents within the time limits stated in the following paragraphs.

Where a non UK buyer is able to show that it is in business, the VAT charged on the buyer’s premium and overhead premium on lots sold with the following symbols: †, ♦ and ♢ 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.

Property with no VAT symbol (property other than Books) and Property with a # symbol (Books)

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. Please note no refund is possible for non business purchasers unless the lot is exported by Sotheby's.

Property with a † (single dagger) symbol

The VAT charged upon the hammer price may be refunded provided the purchaser resides outside of the UK 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. Sotheby’s is not able to cancel or refund any VAT charged on sales made to UK residents unless Sotheby’s exports the property directly from the UK. Any refund of VAT is subject to a minimum of £50 per shipment and a processing charge of £20.

Please note that It is no longer possible for Sotheby's to make a refund of VAT to a non business purchaser unless Sotheby's is instructed to ship the property.

Property with a ‡ (double dagger) or a Ω (omega) symbol

The Temporary Admission VAT charged on the hammer price may be refunded under the following circumstances:-

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

• The property has been purchased by a business and 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.

Property with ♦ or ♢ symbol

Where wines and spirits are offered in bond the only way to avoid paying UK VAT on the hammer price is to export the wine or spirits under bond.

In each of the above categories, where the appropriate conditions are satisfied, no VAT will be charged if, at or before the time of invoicing, the buyer instructs Sotheby’s to export the property from the UK. If such instruction is received after payment, a refund of the VAT amount will be made. If a buyer later decides not to use Sotheby’s shipping services a revised invoice will be raised charging VAT.

Where the buyer carries purchases from the UK personally or uses the services of another shipper, Sotheby’s will charge the VAT amount due as a deposit and refund it if the lot has been exported within three months of the date of sale and the following conditions are met. Please note that It is no longer possible for Sotheby's to make a refund of VAT to a non business purchaser unless Sotheby's is instructed to ship the property.

Proof of export required

For lots sold under the margin scheme (no VAT symbol for property other than Books and # symbol for Books) or the normal VAT rules († symbol), Sotheby’s must be provided with appropriate documentary proof of export from the UK.

For lots sold under Temporary Admission (‡ or Ω symbols), and subsequently transferred to Sotheby’s Customs Warehouse (into Bond), the lots must be shipped as described above in the paragraph headed Property with a ‡ or a Ω symbol.

Business 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 within 3 months.

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.

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

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 and may be considered for VAT charged on buyer’s premium and overhead premium on property sold under the normal VAT rules (i.e. with a ‘dagger’ or ‘alpha’ symbol).

Email the Overseas Repayment Unit at:

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.

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 a 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 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 and/or who wish to have their purchased lots shipped to the US by Sotheby’s are advised to contact the Post Sale Manager listed in the front of this catalogue before arranging shipping OR on the following telephone number:

US: +1 212 606 7000

UK: +44 (0) 20 7293 5827

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

7. Glossary AND ADDITIONAL INFORMATION ABOUT SPECIFIC TYPES OF PROPERTY

A. GLOSSARY OF TERMS

(i) The following are examples of the terminology used in Sotheby’s catalogues. 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, in particular Condition 3 (“The Lots”) and Condition 15 (“Authenticity Guarantee”).

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.

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.

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.

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.

MANNER OF GIOVANNI BELLINI

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

AFTER GIOVANNI BELLINI

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

(ii) 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.

(iii) 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.

(iv) Dimensions are given height before width.

B. WINE & SPIRITS

Please refer to the relevant Wine & Spirits Auction details page on Sotheby’s website for information about ullages and bottle sizes.

C. JEWELLERY

As a convenience to our clients, we include the following glossary which includes definitions of certain terms used in this catalogue. Please read carefully the terms of the Authenticity Guarantee set out in Condition 15.

NAME OF JEWELLER

When we state the name of a maker in the catalogue description, we mean that, in Sotheby’s qualified opinion, although even if unsigned, the piece is by the named jeweller.

MOUNTED BY

When we state in the catalogue description “Mounted by ______”, we mean that, in Sotheby’s qualified opinion, the gemstone(s) was/were provided by the client commissioning the jewel and not supplied by the jeweller.

STONE WEIGHTS

Weights of stones printed in the catalogue and preceded by the words ‘‘stated to be,’’ ‘‘about’’ or ‘‘approximately’’ are not guaranteed by Sotheby’s. Prospective buyers are reminded that all lots are sold as shown.

DIAMOND CLARITY

Clarity grading follows a hierarchy describing the extent of the impurities in a diamond. All clarity grading is carried out under a 10x magnification. The more impurities in a diamond the lower the price per carat.

IF (INTERNALLY FLAWLESS)

No inclusions and only insignificant blemishes

VVS1 AND VVS2 (VERY VERY SLIGHT INCLUSION)

Extremely difficult to see, visible only from the back of the stone, or small and shallow enough to be removed easily by repolishing

VS1 AND VS2 (MINOR INCLUSIONS)

Still difficult to see with the untrained eye

SI1 and SI2 (NOTICEABLE INCLUSIONS)

Easy (SI1) or very easy (SI2) to see with a 10x lens. When these have been located with a 10x lens, look at the stone with the naked eye and the inclusions can sometimes be spotted

I1, I2, I3 (OBVIOUS INCLUSIONS)

May be eye-visible face-up without the aid of a lens. In 13, they may threaten the stone’s durability

RING SIZES

Metric French/Japanese English USA

37.8252 — A ½

38.4237 — A½ ¾

39.0222 — B 1

39.6207 — B½ 1¼

40.2192 — C 1½

40.8177 — C½ 1¾

41.4162 1 D 2º

42.0147 2 D½ 2¼

42.6132 — E 2½

43.2117 3 E½ 2¾

43.8102 4 F 3

44.4087 — F½ 3¼

45.0072 5 G 3½

45.6057 — G½ 3¾

46.2042 6 H 4

46.8027 — H½ 4¼

47.4012 7 I 4½

47.9997 8 I½ 4¾

48.5982 — J 5

49.1967 9 J½ 5¼

49.7952 10 K 5½

50.3937 — K½ 5¾

50.9922 11 L 6

51.5907 — L½ 6¼

52.1892 12 M 6½

52.7877 13 M½ 6¾

53.4660 — N 7

54.1044 14 N½ 7¼

54.7428 15 O 7½

55.3812 — O½ 7¾

56.0196 16 P 8

56.6580 — P½ 8¼

57.2964 17 Q 8½

57.9348 18 Q½ 8¾

58.5732 — R 9

59.2116 19 R½ 9¼

59.8500 20 S 9½

60.4884 — S½ 9¾

61.1268 21 T 10

61.7652 22 T½ 10¼

62.4026 — U 10½

63.0420 23 U½ 10¾

63.6804 24 V 11

64.3188 — V½ 11¼

64.8774 25 W 11½

65.4759 — W½ 11¾

66.0744 26 X 12

66.6729 — X½ 12¼

67.2714 — Y 12½

67.8699 — Y½ 12¾

68.4684 — Z 13

COLOUR GRADING

Colour grading follows a scale describing the “colourless” or absence of secondary colour in a colourless or near-colourless diamond. At the top of the scale a diamond will appear colourless, and at the bottom yellowish or brownish.

GIA - D, E F

The top colour grades, D, E, F, describe a diamond which appears colourless against a white background.

GIA - G, H, I

In near colourless diamonds, G, H, I, there is a slight trace of colour which will not be apparent to the untrained eye. Stones 0.50ct or less will look colourless.

GIa - J, K, L

Diamonds graded J, K, L, will have noteable traces of colour. Small stones in this range will ‘face up’ colourless when mounted but larger stones will be tinted.

GIA - M - Z

Diamonds graded M-Z will display a yellowish tint even to the untrained eye.

FANCY COLOURS

GIA Z+

Z+ colour grade indicates that the diamond is of fancy colour and therefore fall into a different price bracket.

Absence of Guarantee of Authenticity for Chinese Paintings

The artists’ names recorded in this catalogue are not to be taken as unqualified attributions to the artists named. No unqualified attributions to any artist or date are made or intended. The current scholarship in the field of Chinese paintings does not permit unqualified statements as to authorship or date of execution. Therefore, none of the paintings in this catalogue is subject to any guarantee of authenticity and all the property is sold “AS IS”. Any reference to the Terms of Guarantee does not apply to Chinese paintings. Any assistance given by Sotheby’s staff to a buyer in selecting a purchase is given without prejudice to the above. Buyers are recommended to take independent professional advice on selection of purchases.

Important Notice to Prospective Carpet Purchasers

Please note that a license is required to export textiles, rugs and carpets of Iranian origin from the United States. Clients should enquire with the U.S. Office of Foreign Assets Control (OFAC) regarding export requirements. As of August 6, 2018 there is a ban on the importation into the United States of Iranian-origin rugs. Please check with the Furniture Department if you are uncertain as to whether a lot is subject to these restrictions or if you need assistance. Catalogue descriptions of property in this sale indicate, whenever possible, major repairs and damages. This is done to aid prospective bidders, but clients are advised that all carpets should be carefully inspected personally, as what constitutes a major repair or damage may prove to be a matter of personal judgement. If one is unable to view the carpets personally, more detailed condition reports are available by calling the Furniture Department at + 1 212 606 7213.

Important Notice for Furniture

As virtually all property in this sale has been subject to use over a considerable period of time, no mention of age cracks, scratches, chips or other minor damages, imperfections or restorations will be made in the individual catalogue entries. Anyone having specific inquiries should check with the Furniture Department at + 1 212 606 7213.

Important Notice for Ceramics

The catalogue descriptions do not include a general indication of repair and damage, and this absence of any comment should not be interpreted as a guarantee of the condition of the lot. All lots are sold “AS IS” as set forth in paragraph 1 of the Conditions of Sale and prospective purchasers are advised that all lots should be viewed personally. Condition reports are available at sothebys.com. Any additional enquiries may be directed to the Ceramics Department at +1 212 606 7332.

Important Notice Regarding Upholstery

Sotheby’s is not responsible for any tears, stains, marks, other damage or loss of any interior and/or exterior upholstery and upholstery materials, including, but not limited to, the exterior fabric and interior padding, webbing and springs.

GLOSSARY FOR SCULPTURE

Bronze Figure of a Woman, Maurice Giraud-Rivière, circa 1925 This heading indicates that the casting was done by the artist or with his direct authorization or supervision.

Bronze Figure of a Woman, After Maurice Giraud-Rivière, circa 1925 This heading indicates the casting was done by another, i.e., artisans at a foundry. Maurice Giraud-Rivière, Bronze Figure of a Woman, circa 1925 This heading indicates that the casting was done by the artist or with his direct authorization or supervision.

GLOSSARY FOR FURNITURE AND DECORATIONS

Louis XV Ormolu-Mounted Marquetry Commode, mid-18th century This heading, with date included, means that the piece is, in our opinion, of the period indicated with no major alterations or restorations. Louis XV Ormolu-Mounted Marquetry commode This heading, without inclusion of the date, indicates that, in our opinion, the piece, while basically of the period, has undergone significant restoration or alteration. Louis XV Style Ormolu-Mounted Marquetry Commode The inclusion of the word “style” in the heading indicates that, in our opinion, the piece was made as an intentional reproduction of an earlier style.

GLOSSARY FOR CERAMICS

Meissen Cup and Saucer, circa 1735, This states that the cup and saucer were made at the Meissen factory around the year 1735.

Meissen Cup and a Saucer, circa 1735, Again, this states that the cup and saucer were made at the Meissen factory around 1735, but it also indicates that the cup and saucer may not have been “born” together.

Meissen Cup and Saucer, 1730-50 This states that the cup and saucer were made at the Meissen factory some time between 1730 and 1750.

Meissen Cup and Saucer, dated 1735

This states that the cup and saucer were made at the Meissen factory, and that the date 1735 appears within the decoration, although it may not be the actual year of manufacture. Only in the case of factories such as Sevres, Frankenthal and Vienna, which incorporated date letters or numbers into their marks, does the term “Dated” mean the actual year of manufacture.

‘Meissen’ Cup and Saucer, 19th century This states that the cup and saucer are of Meissen type, and although of the date specified, not necessarily made at the Meissen factory.

Meissen Cup and Saucer This title without a date simply states that the pieces were made at the Meissen factory, but does not specify when, implying that their age is questionable.

GLOSSARY FOR CARPETS

A Tekke Rug, West Turkestan FIRST QUARTER 20TH CENTURY This attribution and ascribed date indicate that, in our opinion, the carpet is an early 20th Century Turkmen rug with no major alteration or restoration. Please note that while every effort is made to maintain accuracy and consistency in terms of date, the dating of carpets is necessarily inexact, and often a matter of opinion. Therefore, the Terms of Guarantee only apply to the Bold Type Heading and do not apply to our statement of the age of a carpet.

A Daghestan Rug, Northeast Caucasus, CIRCA 1875 reduced in length, rewoven areas. This attribution and ascribed date indicate that, in our opinion, the carpet was woven in the Caucasian district of Daghestan around 1875. It also indicates that the carpet has been altered in length and has major reweaves. The notation of condition in catalogue descriptions is as consistent as possible. However, bidders should read the Important Notice for carpets and note that Sotheby’s liability with regard to these comments is limited by the Conditions of Sale printed in the front of the catalogue.

Technical Analysis The technical analyses appearing after descriptions of tribal, village and nomadic pile carpets are provided exclusively as a service for those interested in the structure of pile weavings. Please note that all such technical analyses are qualified statements and are made subject to the Conditions of Sale and Terms of

Guarantee printed in the catalogue. The following abbreviations are employed:

H- Horizontal

V - Vertical

S - Clockwise direction of spin

Z - Counter-clockwise direction of spin

Z2S - The spin of the individual strands is clockwise, 2 of these strands are then plied together counter-clockwise to form the yarn. For a thorough description of this method of structural analysis, please refer to David Black, ed., World Rugs and Carpets, London, Robert Adkinson, 1985, pp. 20-21, and Irene Emery, The Primary Structure of Fabrics, New York, The Spiral Press, 1966.

Yarns are spun and plied in either an ‘S’ or a ‘Z’ direction

GLOSSARY FOR CHINESE CERAMICS AND WORKS OF ART

Pottery Figure of a Horse, Tang Dynasty

This heading, with date or period included, means that the piece is, in our opinion, of the date or period indicated with no major alterations or replacements unless otherwise in dictated in the cataloguing. With respect to ceramics and sculpture, if, in our opinion, the piece was made at a specific kiln or location, the name of the kiln or location will appear in bold or capital letters, i.e., DING OVOID VASE, SONG DYNASTY. However, if the heading appears as follows, ‘DING’ OVOID VASE, SONG DYNASTY, this indicates that, in our opinion, the piece is of the Ding type or location, and although of the date specified, not necessarily made at the Ding kiln or location.

Pottery Figure of a Horse, Tang Style

This inclusion of the word “style” indicates that, in our opinion, either the piece (i) while basically of the period indicated, has undergone significant restoration or alteration, or (ii) was made as an intentional reproduction of an earlier style. Where a ceramic or work of art bears a signature or seal of an artist or studio, if the heading appears as follows:

By Ma Shaoxuan

This work is, in our best judgment, by the named artist.

Attributed to Ma Shaoxuan

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

Signed Ma Shaoxuan

The piece bears the signature or seal of the artist or studio but with no firm attribution as to the hand.

GLOSSARY FOR CHINESE FURNITURE

With respect to Asian hardwoods, 22 terms ‘Huanghuali’, ‘Huali’ ‘Hongmu’ ‘Zitan’ and others appearing within single quotes in bold or capital letters in the heading are descriptive identifications based on appearance and are not intended to denote a specific species. Notwithstanding the above, if within five years of the sale of any lot, the buyer gives written notice to Sotheby’s that the lot sold is a forgery and if within three months after giving such notice, the buyer returns the lot in the same Condition as it was at the time of sale to the premises of Sotheby’s and demonstrates to the satisfaction of Sotheby’s that the lot sold is a forgery,

Sotheby’s is authorized to and will rescind the sale and refund the purchase price received by it. For this purpose, a ‘forgery’ is defined as a work created with intent to deceive.

GLOSSARY FOR PHOTOGRAPHS

Name of Artist Subject to the Conditions of Sale and Terms of Guarantee, each lot is guaranteed to be the work of the photographer or author whose name appears in Bold Type Heading. This heading may precede a single lot or a series of lots by the same photographer or author. While every reasonable effort has been made to provide accurate descriptions or dates, the Terms of Guarantee do not extend to any descriptive information.

Titles Generally accepted titles for photographs have been put in quotation marks; in other cases, descriptive titles have been used.

Prints An early print is one made at roughly the same time as the negative by the photographer himself or by a person or procedure satisfactory to the photographer. Specific dates of positive prints are rarely known. The distinction between an early print and a print done considerably later would be expressed as follows, with the date referring to the production of the negative: 1901 (for an early print); 1901, printed later (for a later print) The approximate date, year, or decade of a positive print is given when possible, based on Sotheby’s knowledge of the history of the photograph, its provenance, and our visual assessment of the photograph’s physical characteristics. However, in accordance with the Conditions of Sale, Sotheby’s does not guarantee the printing date of a photograph. Sotheby’s also does not undertake scientific testing in order to formulate our opinions on the dating of a positive print. Measurements are given height preceding width rounded to the nearest eighth of an inch, and unless otherwise indicated, refer to the images only.

Framing Photographs described as framed are sold in the frames in which they have been offered. Sotheby’s does not take responsibility for the appearance of the frames or for their conformity to proper standards of conservation.

Notice Regarding Burmese Jadeite Jadeite of Burmese origin less than 100 years old may not be imported into the US. Certification of non-Burmese origin will be required before importing lots containing jadeite into the US. It is the buyer’s responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation before shipping. The inability of import of any such items shall not justify cancellation or rescission of the sale contract 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.

Notice Regarding Endangered Species Property containing certain endangered species will require a CITES license upon export from the U.S. and may require an additional license upon import into another country. There is no guarantee that such licenses will be granted. In the case of denial of any license or of delay in obtaining such licenses, the purchaser remains responsible for making on-time payment for the total purchase price.

Important Notice Regarding Clocks and Watches Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. If the prospective buyer is not able to inspect the piece, as a courtesy to our clients, we are pleased to provide an opinion of the condition of the property on request. However, since we are not professional clock and watch restorers, any statement of opinion listed is purely subjective and is not a statement of fact. Condition reports may not specify all mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome or any other replacements or additions to the lot. The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition, working order or free from restoration or repair. Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. In addition, certain manufacturers will not service or repair pieces if all the component parts are not original to the piece. The refusal of a manufacturer to service or repair a piece on this basis does not constitute grounds to rescind the sale under the Terms of Guarantee. Furthermore, in reference to bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

Regarding Jewelry Statements in the catalogue regarding the condition of lots in this sale usually appear in the description. However, the absence of any such reference does not imply that a lot is in perfect condition or completely free from wear or imperfections. Sotheby’s will be pleased to offer condition reports of the lots to potential purchasers. Please call the jewelry representatives as set forth in the front of the catalogue. Any gemological terms used in the catalogue have the same meanings as set forth in the Federal Trade Commission’s guides for the jewelry, precious metals and pewter industries. A copy of these guidelines is available from Sotheby’s upon request.

Regarding Diamonds Sotheby’s shares the concerns expressed by the United Nations Security Council with respect to uncut diamonds potentially coming from Angola and Sierra Leone. We will comply fully with any obligations imposed in connection with the Security Council’s resolutions regarding these matters.

Treatment and Condition of Gemstones Traditionally, gemstones have been treated by a variety of techniques to enhance color and generally to improve their appearance. Typically, rubies and sapphires have been heat treated and emeralds have been treated by oil or resin to improve color and clarity. These or other techniques, such as dyeing, irradiation, coating and impregnation, may be used on other gemstones. Although it is widely believed that heat treatments are permanent, purchasers should assume that any treatment may not be permanent in nature and that over time special care of the stone may be required. Prospective purchasers are reminded that, unless the catalogue description specifically states that a stone is natural, we have assumed that some form of treatment may have been used and that such treatment may not be permanent. Our presale estimates reflect this assumption. To the extent that Sotheby’s has laboratory reports containing specific information on the treatment of a stone, these reports are made available for review by potential purchasers. Available reports from internationally recognized gemological laboratories will be noted in the description of the item. New forms of treatments and new scientific methods to discern them are constantly being developed. Consequently, there may be a lack of consensus among laboratories as to whether gemstones have been treated, the extent of the treatment or the permanence of the treatment. References in the catalogue descriptions to certificates or reports issued by gemological laboratories are included only for the information of bidders and Sotheby’s accepts no responsibility for the accuracy, terms or information contained in such certificates or reports. Statements in the catalogue regarding the condition of lots in this sale usually appear in the description. However, the absence of any such reference does not imply that a lot is in perfect condition or completely free from wear or imperfections. Sotheby’s will be pleased to offer condition reports on all lots of the sale to potential purchasers. Please call the jewelry representatives set forth in the front of the catalogue.

Gemological Certificates and Reports References in the catalogue descriptions to certificates or reports issued by gemological laboratories are provided only for the information of bidders, and Sotheby’s does not guarantee and accepts no responsibility for the accuracy, terms or information contained in such certificates or reports. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results.

Certificates of Authenticity Various manufacturers may not issue certificates of authenticity upon request. Except as specifically noted in the catalogue, Sotheby’s will not be required to furnish the purchaser with a certificate of authenticity from the manufacturer at any time. Unless the requirements for a rescission of the sale under the Terms of Guarantee are satisfied, the failure of a manufacturer to issue a certificate will not constitute grounds to rescind the sale.

Country of Origin While Sotheby’s attempts to obtain accurate information on the country of origin of the gemstones, in accordance with paragraph 1 of the Conditions of Sale, Sotheby’s does not guarantee the correctness of the catalogue or other description of the gemstones including the country of origin.

Stone Weights Weights of stones printed in the catalogue and preceded by the words “stated to be,” “about” or “approximately” are not guaranteed by Sotheby’s. Prospective buyers are reminded that all lots are sold as shown.

Regarding Condition of Watches Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. If the prospective buyer is not able to inspect the piece, as a courtesy to our clients, we are pleased to provide an opinion of the condition of the property on request. However, since we are not professional watch restorers, any statement of opinion listed is purely subjective and is not a statement of fact. Condition reports may not specify all mechanical replacements or imperfections to the move ment, case, dial, pendulum, separate base(s) or dome or any other replacements or additions to the lot. The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition, working order or free from restoration or repair. Watches in water-resistant cases have no warranties that are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. In addition, certain manufacturers will not service or repair pieces if all of the component parts are not original to the piece. The refusal of a manufacturer to service or repair a piece on this basis does not constitute grounds to rescind the sale under the Terms of Guarantee. Furthermore, in reference to bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

8. Important Notices

Estimates in CURRENCIES OTHER than POUNDS STERLING

As a guide to potential buyers, estimates may be published (in print or online) in currencies other than Pounds Sterling.

This is intended for guidance only and all bidding will be in Pounds Sterling. Any exchange rates are approximations based on recent exchange rate information, may have been rounded and should not be relied upon as a precise invoice amount. Sotheby’s assumes no responsibility for any error or omission in any foreign currency amounts published.

Buyers are recommended to check the latest exchange rates before bidding.

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.

9. CONDITIONS OF BUSINESS FOR BUYERS for London Sales

1. Introduction

In these Conditions of Business for Buyers, “we”, “us” and “our” refers to Sotheby’s and “you” and “your” refer to Bidders and Buyers. If you are an agent acting on behalf of a principal, “you” and “your” refer to both principal and agent. Capitalized terms will have the meaning set out in Condition 2.

These Conditions of Business for Buyers are the terms and conditions applicable to Bidders and Buyers in our London auctions (both live and timed auctions). The Conditions of Business for Buyers include the Authenticity Guarantee and any other additional conditions that are expressly stated as applicable to a sale, and they may be amended by any oral or written announcement or notice prior to or during the sale. Our and the Seller’s relationship with Buyers and any Bidders in relation to the Lots offered in a sale is governed by these Conditions of Business for Buyers and the express representations and warranties and indemnity given by the Seller. In relation to a sale, where applicable, any reference by us to “Conditions of Sale” or “Terms of Guarantee,” should be understood to mean these Conditions of Business for Buyers and the Authenticity Guarantee, respectively. We act as agent for the Seller, unless the Catalogue indicates otherwise, and a sale contract is made directly between the Seller and the Buyer. In some cases, which will be indicated in the Catalogue, a Sotheby’s Group Company may own a Lot and/or may have a legal, beneficial or financial interest in a Lot as a secured creditor or otherwise.

By registering for an auction, including through our Online Platforms, you agree to be bound by these Conditions of Business for Buyers.

We may change these Conditions of Business for Buyers from time to time in our sole discretion, without notice to you or to the Seller, by posting such changes on the Sotheby’s website at www.sothebys.com. It is your and the Seller’s responsibility to periodically check the Conditions of Business for Buyers for changes by clicking the link “Conditions of Business.” You will know if these Conditions of Business for Buyers have been revised since your last review by referring to the “Last Modified” date at the bottom of this page. If you do not agree to the current Conditions of Business for Buyers, you should refrain from registering to bid in an auction.

2. Defined Terms

Authenticity Guarantee: the guarantee we provide as principal to the Buyer in relation to a purchased Lot, as set out in Condition 15. In relation to a sale, where applicable, any reference by us to the “Terms of Guarantee” should be understood to mean the Authenticity Guarantee.

Bidder: any person or entity registered to bid in a sale.

Buyer: the buyer of record of a Lot.

Buyer’s Expenses: any costs or expenses, plus any applicable VAT, due to us from the Buyer in respect of the purchase of a Lot.

Buyer’s Premium: the commission the Buyer must pay to us as part of the Purchase Price for auction Lots. The Buyer’s Premium rate is subject to change at any time. The current Buyer’s Premium rate for all auctions (except Wine & Spirits) is 25% of the Hammer Price for a Hammer Price up to and including £700,000, 20% of any amount of the Hammer Price in excess of £700,000 up to and including £3,500,000, and 13.9% of any amount of the Hammer Price in excess of £3,500,000. For Wine & Spirits auctions, the Buyer’s Premium rate is 24% of the Hammer Price for all Lots. Buyer’s Premium is subject to any applicable VAT and/or sales or use tax.

Catalogue: the list of Lots offered in a sale and associated information, available on our website, any Sotheby’s Group application and, in some cases, in printed form.

Hammer Price: for each auction Lot sold, the last price accepted for the Lot by the auctioneer or acknowledged by the Sotheby’s online bidding system, or in the case of a post-auction sale, the agreed sale price.

Lot: an item (or more than one item grouped as one) of property offered for sale. In some cases, a Lot may be, or may be accompanied by, an experience (an “Experience”). A Lot may be or include an NFT (or more than one NFT), and the term “NFT” may be used to refer to any such Lot.

NFT: a non-fungible token established on a blockchain.

Online Platforms: our websites, any Sotheby’s Group application, and any other online means through which we enable Bidders to bid on Lots in our sales.

Overhead Premium: the fee the Buyer must pay to us as part of the Purchase Price for auction Lots, as an allocation of overhead costs relating to our facilities, property handling and other administrative expenses. The Overhead Premium rate is subject to change at any time. The current Overhead Premium rate is 1% of the Hammer Price. Overhead Premium is subject to any applicable VAT and/or sales or use tax.

Parcel: a group of Lots of the same type and quantity of wine. There may be some discrepancies between the different Lots in a Parcel with respect to level, condition or otherwise, as set out in the catalogue descriptions for each Lot.

Purchase Price: for auction Lots, the Hammer Price plus the Buyer’s Premium, Overhead Premium, any applicable VAT and/or sales or use tax, and any applicable artist resale right royalty payable by the Buyer on a qualifying Lot.

Referenced Content: with respect to an NFT, the metadata (excluding any legal terms and conditions embedded or referenced therein), content, digital asset and/or physical item, if any, to which the NFT relates.

Reserve: the confidential minimum Hammer Price at which an auction Lot can be sold.

Seller: the person(s) or entity(ies) on whose behalf we are offering a Lot for sale. Where a Sotheby’s Group Company owns a Lot, Sotheby’s acts in a principal capacity as Seller.

Sotheby’s: the unlimited company that has its registered office at 34-35 New Bond Street, London W1A 2AA. Sotheby’s Group: the Delaware corporation Sotheby’s, Sotheby’s Financial Services, Inc., and any entities in which either of them hold, from time to time, directly or indirectly, more than 50% of the issued share capital; and each, a “Sotheby’s Group Company.”

VAT: any applicable Value Added Tax or goods and services tax, or an amount in lieu of Value Added Tax or goods and services tax, as the case may be, at the prevailing rate.

3. The Lots

(a) All Lots are offered for sale in the condition they are in at the time of the sale. You acknowledge that many Lots are of an age and type such that they are not in perfect condition. Catalogue descriptions and condition reports may refer to imperfections of a Lot or Referenced Content, but Lots or Referenced Content may have other faults not expressly referred to in the Catalogue or condition report. Illustrations are for identification purposes only and may not convey full information as to the actual condition of a Lot or Referenced Content.

(b) You accept responsibility for carrying out your own inspections and investigations of Lots in which you may be interested. You should inspect a Lot before bidding to determine and to satisfy yourself as to its condition, size, description and whether it has been repaired or restored, as applicable, and we accept bids on Lots solely on this basis. Condition reports may be available to assist when inspecting Lots. Lots may be available for viewing in person at our premises or another location and viewing information will be available on our website. For any NFT Lot, in addition to the foregoing, you are solely responsible for reviewing and inspecting the smart contract, if available, prior to your purchase.

(c) You acknowledge that our knowledge of each Lot is partially dependent on information provided by the Seller, and we are not able to and do not carry out exhaustive due diligence on each Lot. Information provided to you regarding any Lot, including any estimates, information in the Catalogue, condition reports, or information in respect of the age of hand-coloring in maps, atlases or books, is a matter of opinion only and not a representation of fact. This information is dependent upon, among other things, the condition of the Lot, the degree of research, examination or testing that is possible or practical in the circumstances, and the status of generally accepted expert opinion, research and scientific or technical analysis at the time of cataloguing. Any estimates should not be relied upon as a prediction of the selling price or value of a Lot and may be revised from time to time in our absolute discretion.

(d) If the Lot is an NFT, you acknowledge and agree that our staff are not information technology or data experts, and that by bidding in the auction of the NFT, or otherwise purchasing or acquiring the NFT, you accept that NFTs are subject to inherent technological risks which may affect their performance now or in the future. You further acknowledge and agree that the characterization and regulatory scheme governing NFTs, cryptocurrencies, and blockchain technology is uncertain and undetermined, that your purchase and/or receipt of the NFT complies with applicable laws and regulations in your jurisdiction, and that new regulations or policies may materially adversely affect the sale or resale of the NFT.

(e) If the Lot is an NFT, you acknowledge and agree that the NFT may be subject to resale royalties, including to a Sotheby’s Group Company, through application of the smart contract or other technical solution on any subsequent resales of the NFT. On any such resale by you, you may be obligated to collect and remit to the appropriate party resale royalties as applicable, and you are responsible for any network fees and/or gas fees that may apply to such payments as well as any transaction duties imposed by law.

(f) We reserve the right to withdraw any Lot from an auction or to cancel an auction, whether prior to or during the auction, and we will not be liable to you for any claims, causes of action, liabilities, damages, losses, or expenses in connection with such withdrawal or cancellation.

(g) Unless otherwise specified, all auction Lots are offered subject to a Reserve. The Reserve for a Lot cannot exceed the Lot’s low estimate. In a timed auction, you acknowledge that we may reduce the Reserve for any Lot at any time during the auction, provided it has been agreed with the Seller prior to any such reduction.

(h) Each Lot offered will be referenced by its Lot number assigned in the Catalogue. Unless we specify otherwise, bids must be on a per-Lot basis.

(i) Experiences will be fulfilled by the relevant entity or entities specified in its description in the Catalogue. We do not plan, host, operate, fulfill, endorse, verify, vouch for, investigate or vet any Experience. For each Experience, any incidental costs and expenses such as fees for travel, food or lodging are the sole responsibility of the Buyer unless otherwise expressly stated in the Experience description.

(j) The Buyer is solely responsible for identifying and obtaining any necessary export, import, firearm, endangered species or other permit for a purchased Lot. Any symbols or notices in the Catalogue reflect our reasonable opinion at the time of cataloguing and are included for informational purposes only. Without prejudice to Condition 3(k), neither we nor the Seller make any representations or warranties as to whether any Lot is subject to export or import restrictions or any embargoes. The denial of any permit or license will not justify cancellation or rescission of the sale or excuse any delay in payment. We will not deliver a firearm to a Buyer unless the Buyer has first supplied evidence to our satisfaction of compliance with this Condition.

(k) DISCLAIMER OF WARRANTIES:

(i) All Lots are offered for sale “AS IS,” without any guarantee, representations or warranties by us or the Seller, except for the express representations and warranties given by the Seller and the Authenticity Guarantee, which we, as principal, provide to the Buyer. We and the Seller disclaim all implied warranties, including but not limited to merchantability and fitness for a particular purpose, except in so far as such obligations cannot be excluded by law. Neither we nor the Seller give you any guarantee, representation or warranty as to the correctness of the Catalogue or other images or descriptions of the condition, completeness, size, quality, rarity, value, importance, medium, frame, provenance, exhibition history, or literary or historical relevance of any Lot, and no statement anywhere, whether oral or written, will be deemed such a warranty, representation or assumption of liability. Except as expressly set forth elsewhere in these Conditions of Business for Buyers, neither we nor the Seller make any representations or warranties as to whether any Lot is subject to copyright or whether the Buyer acquires any copyrights, including but not limited to, any reproduction rights in any Lot.

(ii) In the case of NFTs, in addition to the above and except for the express representations and warranties given by the Seller and the Authenticity Guarantee, which we, as principal, provide to the Buyer, neither we nor the Seller make any representations or warranties as to the following: (1) whether the NFT or any Referenced Content is subject to copyright; (2) the nature, character, contents, condition, behavior, operation, performance, security, integrity, metadata, persistence, quality, technical details or terms of the smart contract, NFT or the Referenced Content, including without limitation any further iterations of the same; (3) that the smart contract, NFT or Referenced Content or the delivery mechanism for the NFT does not contain vulnerabilities, viruses or malware or other harmful components, or that either will function as any bidder or Buyer expects or without error or mistake; (4) the uniqueness of the Referenced Content; (5) that the NFT is reliable, correctly programmed, compatible with your or others’ computer systems, up-to-date, error-free, compatible with your digital wallet or meeting your requirements, or that defects in the NFT can or will be corrected; or (6) the accuracy or reliability of any simulation or videos depicting the intended performance of the NFT or the Referenced Content, whether displayed on our websites or on any other platform

4. Buyer Representations and Warranties

(a) You represent and warrant to us and the Seller that at all relevant times:

(i) your bids on any Lot are genuine and are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with any applicable antitrust laws;

(ii) your performance under these Conditions of Business for Buyers has not and will not violate any applicable law, regulation or code in any jurisdiction;

(iii) regarding any Lots containing alcoholic beverages, where required by applicable law, you are properly licensed, permitted or otherwise authorized to purchase, receive, possess and/or cause to transport alcoholic beverages;

(iv) your purchase of a Lot and, if you are acting as an agent on behalf of a principal, the arrangement between you and your principal, will not facilitate tax crimes;

(v) you have no knowledge or reason to suspect that (1) the funds used to purchase a Lot are connected with the proceeds of criminal activity, or (2) you or your principal, if applicable (or, if you are an entity, any person(s) or entity(ies) with a beneficial or ownership interest in you), are under investigation, charged with, or convicted of any substantive or predicate money laundering or economic sanctions crime, terrorist activity, tax evasion or act in violation of any anti-bribery or anti-corruption laws or regulations;

(vi) you (and your principal, if applicable) are not, nor are you (or your principal, if applicable) owned (in whole or in part), controlled, or acting on behalf of, an entity or individual that is: (1) the subject of economic sanctions, embargoes or other trade restrictions in any jurisdiction, including those administered and enforced by the United States, European Union or any of its member states, United Kingdom, United Nations Security Council, or other applicable sanctions authority (collectively, “Sanctions”), or (2) located, organized, or resident in a country or territory that is the subject of Sanctions (including Crimea, Cuba, Iran, North Korea, Syria, the Russian Federation and Belarus) (collectively, “Sanctioned Jurisdictions”);

(vii) you (and your principal, if applicable) are currently in compliance, and for the past five years have complied, with applicable Sanctions, anti-money laundering, anti-terrorism, and anti-bribery or anti-corruption laws;

(viii) the Purchase Price will not be funded directly or indirectly by or from anyone that is the subject of Sanctions or located, organized, or resident in a Sanctioned Jurisdiction;

(ix) no party directly or indirectly involved in the transaction is the subject of Sanctions or is owned (in whole or in part) or controlled by any individual or entity that is the subject of Sanctions or otherwise located, organized, or resident in a Sanctioned Jurisdiction, except as expressly authorized in writing by the government authority having jurisdiction over the purchase and with our prior express written consent;

(x) if you are acting as agent on behalf of a principal, you have taken steps reasonably designed to ensure compliance with Sanctions, anti-money laundering, anti-terrorism, and anti-bribery or anti-corruption laws, including but not limited to, conducting appropriate due diligence on your principal and screening source of funds. You will retain and make available upon request the documentation evidencing such due diligence for at least five years after the purchase, and all commissions payable to you for this consignment have been authorized by your principal;

(xi) your purchase will not cause (or otherwise result in) us, Sellers, or anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, or anti-bribery or anti-corruption laws; and

(xii) you have full legal authority without any further action or other party’s consent to enter into and perform under these Conditions of Business for Buyers and to give these representations and warranties; if you are an entity, the individual bidding on your behalf is authorized to do so and the entity is duly incorporated or formed, validly existing and in good standing in the jurisdiction where it is incorporated or formed.

(b) We may, in our sole discretion, rescind the sale of a Lot if we reasonably determine any of the Buyer’s representations or warranties are inaccurate, incomplete or breached.

5. Indemnity

You shall indemnify and hold us, each Sotheby’s Group Company, our and their respective officers and employees, and the Seller harmless against any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees), arising out of or in connection with any inaccuracy, incompleteness or breach of any of your representations or warranties or breach of your obligations under these Conditions of Business for Buyers to the fullest extent permitted by law.

6. Bidding

(a) You must create an account and provide the requested information in order to bid. We may require financial references, guarantees, deposits or other security, as we determine necessary or appropriate.

(b) To bid on a Lot containing an NFT, you must have a digital wallet capable of supporting and accepting the NFT.

(c) To bid on any auction Lot designated as a “Premium Lot,” you must complete the required Premium Lot pre-registration application. We must receive your application at least 3 business days prior to the commencement of the auction, and our decision whether to accept your application will be final. Online bidding may not be available for Premium Lots.

(d) We advise Bidders to place their bids directly, either in person at the auction (where available) or through our Online Platforms. If you elect to bid or to participate in an auction held through an Online Platform, you are responsible for making yourself aware of all salesroom notices and announcements, which will be available on the Online Platforms.

(e) Written bids and telephone bids are offered as a courtesy for no additional charge, at the Bidder's risk and subject to our other commitments at the time of the auction. We will seek to carry out absentee written bids, endeavouring to ensure that the first received of identical written bids has priority. We will not accept liability for failure to place written or telephone bids.

(f) All bidding will be in the currency of the sale location. As a courtesy to Bidders, a currency board is operated in many salerooms for live auctions for informational purposes only. Online Bidders will not be able to see any such currency conversion board that may be displayed in the auction room.

(g) We reserve the right to refuse or revoke permission to bid before or during a sale for any reason. For live auctions with bidding in person, we may refuse admission to the auction. For timed auctions, we also reserve the right to deactivate your account at any time prior to, during, or after an auction.

(h) For timed auctions and online sales, you may cancel a bid after you place it only if (i) the description of or the condition report for the Lot has been materially revised after the bid was placed; or (ii) a notice regarding the Lot has been posted on our website after the bid was placed. Other than in the foregoing limited circumstances, you agree that any bid you place, regardless of the means by which you have done so, is final and you will not be permitted to amend or retract it. For all auctions and sales, should your bid be successful, you irrevocably agree to pay the full Purchase Price and any applicable Buyer’s Expenses. We are not responsible for any errors that you make or that are made through your Sotheby’s account in placing a bid on a Lot.

7. Conduct of an Auction

(a) An auction is by its nature fast-moving and bidding may progress very quickly. In a live auction, the auctioneer will commence and advance the bidding at levels and in increments the auctioneer considers appropriate (including by reference to any advance bids made). The auctioneer has discretion to vary bid increments in the auction room and on the telephone but Bidders using Online Platforms may not be able to place a bid that is less than a whole bidding increment above the previous bid.

(b) In a timed auction, bidding opens at an amount that is at or below the low estimate for the Lot and escalates in bid increments that we determine. We may vary the amount of the bid increments during a timed auction. Lots will be closed sequentially, either by the online system or, in some cases, by a live auctioneer. If closed by the online system, Lots will close sequentially in one-minute intervals unless a bid is placed within one minute of a Lot’s scheduled closing time, in which case we will extend the sale of that Lot by two minutes from the time of the last bid and such extensions may be repeated for a maximum period of two hours. The extension of any Lot’s closing time does not affect any other Lot’s closing time; therefore, it is possible that Lots will close out of numerical Lot order.

(c) With respect to Parcels, at the auctioneer’s discretion, the successful Bidder of the first Lot in a Parcel will have the option, but not the obligation, to purchase in consecutive order one or more of the remaining Lots in the Parcel, each at the same successful bid price as the first Lot. If any Lots in the Parcel are not purchased, the auctioneer will open the bidding on the next unsold Lot in the Parcel, and the successful Bidder of that Lot will have the option, but not the obligation, to purchase in consecutive order one or more, if any, of the remaining Lots in the Parcel, each at the newly-established successful bid price.

(d) The auctioneer (or, in a timed auction, the online system) may open bidding on any Lot by placing a bid on behalf of the Seller below the Reserve. The auctioneer may further bid on behalf of the Seller, up to but not at the Reserve, by placing successive or consecutive bids for a Lot, or by placing bids in response to other Bidders; in a timed auction, such bids will be counted toward the total bid count displayed on the Online Platform.

(e) The auctioneer (or, in a timed auction, the online system) may refuse or reject any bid, including bids that have previously been accepted, withdraw any Lot, or reopen or continue the bidding (including after the fall of the hammer or, in a timed auction, the close of a Lot). If the Reserve for a Lot is not met, the auctioneer may withdraw the Lot from sale, and the auctioneer or online system will announce that the withdrawn Lot has been “passed”, “withdrawn”, “returned to owner,” “unsold,” “bought-in” or the equivalent.

(f) In the case of error or dispute with respect to bidding, either during or after the auction, we in our sole discretion may refuse any bid, withdraw a Lot, determine who the Buyer is, continue or re-open the bidding, cancel the sale of a Lot, or re-offer and re-sell a Lot (including after the fall of the hammer or, in a timed auction, the close of a Lot), and take such other action as we reasonably deem appropriate. In the case of any dispute, our sale record will be absolute and final. In the event of any discrepancy between any online records or messages provided to you and our sale record, our sale record will prevail. Where we decide to cancel the sale of a Lot or to re-offer and sell a Lot following an error or dispute with respect to bidding, we will notify the Buyer of such decision as soon as reasonably practicable.

(g) Subject to Condition 7(e), the Buyer will be: in a live auction, the highest Bidder accepted for a Lot at the fall of the hammer; in a timed auction, the highest Bidder accepted for a Lot on the close of the Lot; in the case of a Bidder bidding as agent, such Bidder’s principal will be the Buyer. This means that, subject to Condition 7(e), the sale contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer in a live auction, or on the close of a Lot in a timed auction, whereupon the Buyer becomes liable to pay the full Purchase Price and any applicable Buyer’s Expenses. The sale contract between the Seller and the Buyer of a Lot will be final at the end of the auction session.

(h) Any post-auction sale of Lots will be made pursuant to these Conditions of Business for Buyers.

8. Payment

(a) Generally.

(i) Buyers will be invoiced after the sale. For online Bidders, the purchase information shown in the “My Bids” section of the Sotheby’s App and in the “Account Activity” section of “My Account” on our website is provided for your convenience only. In the event of any discrepancy between the online purchase information and the invoice we send you following the sale, the invoice will prevail. We may process payments through third-party service providers, which may post operating rules related to payment on their respective websites and change such rules from time to time. For credit card payments, you authorise us, and our third-party service providers, to immediately charge your selected payment method for all amounts presented to you in the checkout and purchase process.

(ii) For auction Lots, the Buyer’s Premium and Overhead Premium will be added to the Hammer Price on a per-Lot basis and are payable by the Buyer as part of the Purchase Price.

(iii) The Buyer also must pay as part of the Purchase Price any applicable sales tax, compensating use tax, VAT, consumption tax, goods or services tax or other indirect taxes, luxury tax, excise tax, and duties or tariffs (collectively, “Taxes”), as well as any applicable artist resale right royalty, on the purchase of a Lot where and as required by applicable law. We will collect any applicable Taxes and artist resale right royalty on the purchase of a Lot where and as required by applicable law. The Buyer shall pay the Purchase Price in full without any deduction for taxes of any kind, unless such deduction is required by law. In any such case, the amount due to us from the Buyer will be increased to an amount that after deduction for any such taxes leaves an amount equal to the Purchase Price.

(iv) Payment of the Purchase Price for a Lot and any Buyer's Expenses is due from the Buyer in the currency of the relevant sale (except to the extent permitted in Condition 8(b)) immediately upon conclusion of the auction, notwithstanding any requirements for export, import or other permits. The Buyer’s obligation to pay the full Purchase Price and any applicable Buyer’s Expenses is absolute and unconditional and is not subject to any defenses, setoffs or counterclaims of any kind whatsoever.

(v) We will not accept payment from a source other than the Buyer. 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 for a is not

permitted.

(vi) Title in a purchased Lot will not pass to the Buyer until we have received the full Purchase Price in cleared funds. We will release a Lot to the Buyer or Buyer’s agent after we have received from the Buyer the full Purchase Price and any applicable Buyer’s Expenses in cleared funds and appropriate identification of the Buyer and Buyer’s agent (if any), unless we are prevented from doing so by an event beyond our control. Any earlier release does not affect the passing of title or the Buyer’s unconditional obligation to pay the full Purchase Price and any applicable Buyer’s Expenses.

(b) Payment in cryptocurrency: for Lots eligible for payment in cryptocurrencies, payments made in cryptocurrency shall be subject to the terms in this Condition 8(b) in addition to the terms set forth in Condition 8(a) above.

(i) We will accept payment in cryptocurrency only for Lots designated as eligible for such in the Catalogue or by any oral or written announcement or notice prior to or during the sale, and only in the following cryptocurrencies: Bitcoin (BTC), Ether (ETH) and USD Coin (USDC).

(ii) The amount due will be the cryptocurrency equivalent at the time payment is made of the amount invoiced, and Buyer will be responsible for applicable network fees required to successfully conduct the transaction on the blockchain.

(iii) Any payment in cryptocurrency must be made within ten (10) business days of your receipt of the invoice from us, and payment must be made between the hours of 9:00am and 12:00pm Eastern Time, Monday through Friday (and not on a U.S. public holiday).

(iv) Payment must be made from an account or digital wallet in your name maintained with one of the following platforms: (1) Coinbase Custody Trust; (2) Coinbase, Inc. (including Coinbase, Coinbase Pro and Coinbase Prime accounts); (3) Fidelity Digital Assets Services, LLC; (4) Gemini Trust Company, LLC; or (5) Paxos Trust Company, LLC. Partial payments from multiple digital wallets will not be accepted, and we may require you to provide documentation to confirm that you own the wallet used to make payment.

(v) Payments in cryptocurrency will not be accepted other than in accordance with this Condition 8(b). If you make payment in cryptocurrency other than in accordance with Condition 8(b), including where we determine or reasonably believe, in our sole discretion, that any of your representations and warranties are inaccurate, incomplete or breached, we may, in our sole discretion, return those funds to you, hold you responsible for all third-party fees (including, without limitation, network fees, taxes, transfer fees, etc.), and require you to pay in the fiat currency of the sale. In addition, in the event we make any refund of Taxes to you and you paid such Taxes using cryptocurrency, you understand and agree that we may, at our sole discretion, refund you (1) the same amount(s) of the same cryptocurrency that you paid to us for such Taxes; (2) the amount(s) in fiat currency that we invoiced to you for such Taxes; or (3) the fiat currency equivalent at the time the refund is made of the amount(s) of cryptocurrency that you paid for such Taxes. In no circumstance will you be entitled to receive any appreciation on the value of the cryptocurrency that you provided to us as payment in connection with a refund.

(vi) Once you initiate a cryptocurrency transaction, the transaction cannot be reversed; this is inherent in the nature of cryptocurrencies and not a policy set by us. You are responsible for verifying that you have sent the correct amount to the correct digital wallet address.

(vii) If you make payment in cryptocurrency from a digital wallet or account, you represent and warrant the following: (1) you own the digital wallet and the cryptocurrency used to make payment; (2) the digital wallet or account is not directly or indirectly hosted, operated, or otherwise controlled by anyone that is the subject of Sanctions or located, resident, or organized in a Sanctioned Jurisdiction; (3) the cryptocurrency or any other assets in the digital wallet or account used for the bid or purchase were not sourced from anyone that is the subject of Sanctions or located, resident, or organized in a Sanctioned Jurisdiction; and (4) your payment in cryptocurrency will not cause (or otherwise result in) us, Sellers, or anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, anti-bribery or anti-corruption laws, or any other applicable laws. We may, in our sole discretion, refuse payment in cryptocurrency from any Buyer if we reasonably determine any of the Buyer’s representations or warranties are, or would be as a result of such payment, inaccurate, incomplete or breached.

(viii) We shall have no liability for any payment made by you in cryptocurrency that is not received by us for whatever reason.

(ix) You acknowledge the risks inherent to the use of cryptocurrency, including without limitation the risk of faulty or insufficient hardware, software, and internet connections; the risk of introduction or intrusion of malicious code or software; the risk of hacking or unauthorized access to your digital wallet or information stored therein, or of theft or diversion of funds therefrom; volatility and unstable or unfavorable exchange rates; and the risk of unfavorable regulatory intervention and/or tax treatment in relation to transaction in such currency. We will have no liability for any of the foregoing.

9. Consequences of Late- or Non-payment

(a) The Buyer is required to pay the full Purchase Price for a Lot and any applicable Buyer’s Expenses in cleared funds within five days of the auction. If the Buyer fails to do so without our prior agreement, the Buyer will be in default. In such a case, without prejudice to any rights or remedies the Seller may have, we may in our sole discretion exercise one or more of the following rights or remedies in respect of each Lot for which the Buyer has failed to pay in full, to the fullest extent permitted by law, in addition to any and all other rights or remedies available to us or the Seller by law or in equity:

(i) store the Lot at our premises or, if the Lot is an NFT, in our or the Seller’s digital wallet, or elsewhere at the Buyer’s sole risk and expense;

(ii) cancel the sale of the Lot;

(iii) set off any amounts owed to the Buyer by a Sotheby’s Group Company against any amounts outstanding from the Buyer in respect of the Lot;

(iv) apply any payments made to us by the Buyer as part of the Purchase Price and Buyer’s Expenses towards such Lot or any other Lot purchased by the Buyer, or to any shortfall on the resale of any Lot pursuant to paragraph (viii) below, or to any damages suffered by us as a result of breach of contract by the Buyer;

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

(vi) charge interest at the annual percentage rate of 6% above the HSBC Bank plc base rate, but in no event greater than the maximum rate permitted by law, from the date on which payment is due to the date the Purchase Price and relevant Buyer's Expenses are received in cleared funds (both before and after judgement);

(vii) retain or exercise a lien over any of the Buyer’s property that is in the possession of a Sotheby’s Group Company, in which case we will inform the Buyer, and we may thereafter arrange the sale of such property and apply the proceeds to the amount outstanding;

(viii) resell the Lot at the Buyer’s expense either at auction or by private sale, with estimates and reserves set at our discretion, and in the event such resale is for less than the sum of the Purchase Price and applicable Buyer's Expenses for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;

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

(x) 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, and in such case, we will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.

(b) In the event the Buyer fails to pay any or all of the Purchase Price for a Lot and we elect to pay the Seller any portion or all of the sale proceeds, the Buyer acknowledges that we will have all of the rights that the Seller would otherwise have against the Buyer for any such amount, whether at law, in equity, or under these Conditions of Business for Buyers.

10. Collection and Delivery of Purchases

(a) The provisions of this Condition 10(a) apply to all Lots (or portions of Lots) that are not NFTs:

(i) The Buyer is obliged to arrange collection of purchased Lots no later than 30 calendar days after the date of sale, or if applicable, within the time stipulated in the relevant sale information available on our website.

(ii) Except as set out in this Condition 10(a)(ii), all packing and handling are at the Buyer's risk. We will not be liable for any acts or omissions of third-party packers or shippers. For Lots from a Wine & Spirits auction where we arrange for domestic shipping at your request on your behalf, we will charge you a non-refundable fee at a rate of 1% of the Purchase Price for all domestic shipments arranged. Such fee covers property handling and administration and bearing liability for loss or damage to the Property while in our possession. We will only be liable for breakage or loss during transit. All packages must be inspected upon receipt and breakage or loss reported to us immediately upon delivery of the property. We will not refund any shipping charges, packing charges, or fees.

(iii) If you request Sotheby’s to assist with shipping purchased Lots to you, we will include a shipping quote outlining the Buyer’s shipping costs (the “Buyer’s Shipping Quote”). For international Buyers, the Buyer’s Shipping Quote will be exclusive of any taxes or duties, and it is your responsibility to ascertain and pay all international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to shipment and/or delivery including any third-party charges necessary to facilitate shipment. Once you have accepted the Buyer’s Shipping Quote and we have received in full the Purchase Price, applicable Buyer’s Expenses and you have paid in full the amount stated in the Buyer’s Shipping Quote by the payment deadline, we will arrange shipment of the Lot to you to the address you provided on your account following conclusion of the sale. Purchased Lots cannot be delivered to P.O. boxes, and we are unable to arrange delivery to those locations specified as excluded zones in the shipping costs calculator that is available on the Online Platform. If you request delivery of a Lot to any such destination, we reserve the right to require you to collect the Lot from us or to arrange delivery of the Lot by a third-party carrier.

(iv) If the Buyer pays the Purchase Price and Buyer's Expenses but fails to collect a Lot within 30 calendar days of the conclusion of the auction, we will store the Lot at the Buyer's expense and risk at our premises or with a third party. Please note that storage charges can be found at https://www.sothebys.com/en/about/services/sothebys-fine-art-storage-facility. Regarding uncollected Lots from a Wine & Spirits auction, if a purchased Lot remains uncollected after 90 days, we may send it to our wine warehouse, upon which time applicable state and local sales tax will be charged. The Buyer hereby agrees to the Virtual Cellar Terms of Use, Storage Terms of Use and Auto-Renewal Policy with regard to the storage of such Lot(s), which can be found at https://www.sothebyswine.com/uk/storage.

(v) If a purchased Lot is not collected within six months of the auction, the Buyer authorizes us, having given notice to the Buyer, to arrange a resale of the Lot by auction or private sale, with estimates and reserves at our discretion. Any such sale conducted by a Sotheby’s Group Company will be conducted under the standard Conditions of Business for Sellers and the Conditions of Business for Buyers, if any, applicable to the relevant sale. If the Lot sells, we will be entitled to deduct from the sale proceeds our standard seller’s commission and any other costs we incur in selling the Lot, and any excess will be remitted to the Buyer.

(b) The provisions of this Condition 10(b) apply to all Lots (or portions of Lots) that are NFTs:

(i) In order to receive an NFT, you must have a digital wallet that is capable of supporting and accepting the NFT, that you own, and to which you have access. You understand and acknowledge that not all digital wallets can support storage of a non-fungible token, and that if your wallet does not support storage of the NFT purchased by you, you may not be able to access that NFT. If you fail to provide us with an address for a digital wallet that is capable of supporting and accepting the NFT within five business days of the conclusion of the sale, we may, in our sole discretion, treat the NFT as transferred to you for purposes of Condition 11(a)(iii), treat the NFT Lot as a Lot for which the Buyer has failed to pay in full for purposes of Condition 9, and hold you responsible for all resulting third-party fees (including, without limitation, custodial fees, insurance, network fees, taxes, transfer fees, etc.).

(ii) We or the Seller will mint or transfer the NFT to the digital wallet that you have specified, after you have met the conditions in Condition 8 and subject to any additional timing or criteria included in the Catalogue or other descriptions of the Lot. We or the Seller will transfer the NFT to the wallet address specified by you and are not responsible for confirming that you have supplied us with the correct or a valid address. We and the Seller are not responsible if the transfer of the NFT to your wallet fails, unless such failure is the result of us sending the NFT to a wallet address other than the one provided by you.

11. Risk and Responsibility for Lots

(a) Risk and responsibility for a purchased Lot will transfer to the Buyer as follows:

(i) for Lots (or portions of Lots) that are not NFTs in live auctions: on the earlier of: (1) collection of the Lot, or (2) the 31^st calendar day after the sale, or if applicable, the expiry of the time specified in the special sale information available on our website, except that risk and responsibility for wine or spirits casks will transfer to the Buyer upon the fall of the hammer. For any Lots stored at a third-party location and not available for collection from our premises, your provision to us of instructions authorizing the release to you or your agent shall constitute collection by the Buyer.

(ii) for Lots (or portions of Lots) that are not NFTs in timed auctions: (1) if we dispatch the Lot to the Buyer (using the method of shipping the Buyer specified for the Lot), when the Lot comes into the physical possession of the Buyer or the Buyer’s designated agent or (2) if collection by the Buyer is available, when the Buyer or the Buyer’s designated agent collects the Lot, except that in either of the foregoing, risk and responsibility for wine or spirits casks will transfer to the Buyer upon the fall of the hammer. If you choose to exercise any right you may have to cancel the contract for the purchase of the Lot (in accordance with the procedure set out at Condition 12 below), you acknowledge that the Lot is at your risk and that you should therefore insure the Lot against loss or damage until it is returned to us.

(iii) For Lots (or portions of Lots) that are NFTs: After transfer of the NFT to the digital wallet specified by you, you are responsible for secure storage of the NFT in the wallet or other storage mechanism you use to receive and/or hold the NFT. You are solely responsible for any risks associated with the transferring, creating, holding, storing, or use of NFTs or a digital wallet, as applicable, including network failures or disruptions; corrupted wallet files; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of attack against the NFT; risk of losing access to the NFT due to loss of private key(s); custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; failure to provide appropriate maintenance (including without limitation hosting); and other unanticipated risks. Neither we nor the Seller will not be responsible for any such risks or losses.

(b) Once risk passes to the Buyer, the Buyer irrevocably releases us and each other Sotheby’s Group Company, our and their respective officers and employees, agents, warehouses and the Seller, from any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees) for loss of or damage to the Lot.

(c) Before risk and responsibility for a purchased Lot transfers to the Buyer in accordance with this Condition 11, we assume liability for loss or damage to a Lot, subject to the exclusions set out in paragraph (d) below. In the event of loss or damage for which we have assumed liability, we will determine the extent of depreciation to the Lot, if any, caused by the loss or damage and compensate the Buyer in respect of that loss up to the amount of the Purchase Price paid by the Buyer for the Lot.

(d) We will not be liable for any loss or damage (1) caused by any process undertaken by independent contractors engaged with your consent, including but not limited to for restoration, conservation, framing or cleaning; (2) caused to frames or to glass covering prints, paintings or other flat works; or (3) caused by changes in humidity or temperature (as long as we take reasonable care in handling the Lot), normal wear and tear, gradual deterioration or inherent vice or defect (including woodworm), war, any act or acts of terrorism (as defined by our insurers), nuclear fission, radioactive contamination, or chemical, bio-chemical or electromagnetic weapons. If the Lot is an NFT, in addition to the above, we will not be liable for any loss related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.

(e) Upon your receipt of payment from us for any loss or damage to a Lot in accordance with this Condition 11, you, on your own behalf and on behalf of your insurer(s), irrevocably release us and each other Sotheby’s Group Company, our and their respective officers and employees, agents, warehouses and the Seller from all liability for loss of or damage to such Lot and irrevocably waive all rights and claims that you might have against us or any other Sotheby’s Group Company, our or their respective officers or employees, agents, warehouses or the Seller in connection with the same.

12. Consumer Cancellation

(a) Timed Auction Cancellation of Purchase

(i) If you are a “Consumer” (namely a person acting for purposes that are wholly or mainly outside of your trade, business, craft or profession) who habitually resides in the European Union or United Kingdom and the Seller is a “Trader” (namely a Seller acting for purposes relating to their trade, business, craft or profession, whether acting personally or through another person acting in the trader’s name or on the trader’s behalf), then you have the right to cancel your online purchase of goods (except for goods that are personalized or made to the Buyer’s specifications) (the “Consumer Cancellation Right”) for any reason during the period of 14 calendar days after you or your designated agent (other than the carrier) acquires physical possession of the Lot or, if the Lot is an NFT, after the date that you have submitted payment but before we or the Seller have initiated the transfer of the NFT to the wallet specified by you (the “Consumer Cancellation Period”). Once, however, we or the Seller have initiated the transfer of the NFT to the wallet specified by you, you agree that you will no longer have the right to cancel the sale under the terms of this Condition. To exercise the Consumer Cancellation Right in relation to a Lot, the Consumer must (1) notify us of intention to cancel by a clear statement (e.g. a letter sent by post, fax or email or you may use the model cancellation form provided in Condition 12(c)) prior to the end of the Consumer Cancellation Period, and (2) for Lots that are not NFTs, return the Lot to us in the same condition as when you or your representative received it, by no later than 14 calendar days after providing notice of intent to cancel.

(ii) You shall return the Lot or deliver it to us at such address as we may specify for the purpose, without undue delay and in any event no later than 14 calendar days from the day after which you notify us of your intention to cancel your purchase of the Lot. This deadline is met if you send back the Lot before the period of 14 calendar days has expired. You must bear the direct costs of returning the Lot. If we had arranged for the Lot to be delivered to you, 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.

(iii) If the foregoing conditions for exercising the Consumer Cancellation Right are met, we will reimburse the Buyer for Purchase Price, if paid, plus standard delivery charges, if we are required to do so in accordance with the Consumer Cancellation Right. We will not process the reimbursement unless and until the Lot is returned to us or you have supplied us with evidence of having returned the Lot to us.

(iv) We will make the reimbursement to the Buyer using the same method of payment as the Buyer used for the initial transaction, unless expressly agreed otherwise. We will not charge the Buyer any fee in connection with processing the reimbursement.

(v) We will not reimburse the Buyer for any supplementary costs that arose if you chose a type of delivery other than the least expensive type of standard delivery offered by us or any import duties you incur as a result of you returning the Lot to us. We are entitled to deduct from the reimbursement the amount of any loss in value of the Lot that is caused as a result of unnecessary handling by you.

(vi) If you exercise a Consumer Cancellation Right pursuant to this Condition 12 and you paid any amount(s) due using cryptocurrency, we may, at our sole discretion, refund you (1) the same amount(s) of the same cryptocurrency that you paid to us; (2) the amount(s) in fiat currency that we invoiced to you; or (3) the fiat currency equivalent, based on the exchange rate quoted by a financial entity designated by us, at the time the refund is made of the amount(s) of cryptocurrency that you paid. In no circumstance will you be entitled to receive any appreciation on the value of the cryptocurrency that you provided to us as payment in connection with a refund.

(b) Cancellation of Delivery Services

(i) If you are a Consumer who habitually resides in the European Union or United Kingdom, then you have the right to cancel the contract for any delivery services in connection with your purchase of a Lot (the “Services Cancellation Right”) for any reason during the period of 14 calendar days after the conclusion of the contract for delivery services (the “Services Cancellation Period”).

(ii) If you request us to begin performance of the delivery services during the Services Cancellation Period and subsequently decide to exercise your right to cancel the provision of services during the Services Cancellation Period, you shall pay us the cost of the services that have been performed by the time you exercise your cancellation right. We will make any reimbursement due to you not later than 14 days after the date on which we are informed about your decision to cancel the services. We will make the reimbursement to you using the same method of payment as you used for the initial transaction, unless expressly agreed otherwise. We will not charge any fee in connection with processing the reimbursement.

(c) To exercise a Consumer or Services Cancellation Right, you must notify us of your intention to cancel by a clear statement (e.g. a letter sent by post, fax or email) prior to the end of the Consumer or Services Cancellation Period. Alternatively, you may use the following model cancellation form:

To: Sotheby’s [insert the name of the company within the Sotheby’s Group conducting the relevant sale]

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

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

Name of Consumer(s):

Address of Consumer(s):

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

Date:

[*] Delete as appropriate

13. Exclusions and Limitations of Liability

(a) Generally

(i) Neither we nor the Seller will be liable for errors or omissions in the glossary of terms, if any, or the Catalogue or other descriptions of the Lot, though if we discover a material error or omission in such materials prior to the auction, we will endeavor to provide a correction, time permitting.

(ii) We reserve the right to withdraw any Lot before the conclusion of the sale and will have no liability to you for such withdrawal. Regarding Experiences, we reserve the right to withdraw any Experience before or after the sale, and we will have no liability to you for such withdrawal.

(iii) We offer the Online Platforms as a convenience to clients. The application that enables participation via the Online Platforms is optimized for broadband connectivity (DSL or cable modem). Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some users including, for example, in relation to accessing an auction via the Online Platforms and in maintaining continuity of such access. Neither we nor the Seller will be liable to you for any failure to execute bids through our Online Platforms, or errors or omissions in connection therewith, including, without limitation, errors or failures caused by (1) any loss of connection between you and our Online Platforms; (2) a breakdown on or problem with our Online Platforms or other technical services; or (3) a breakdown or problem with your internet connection, computer, mobile device or system.

(iv) We are not liable to you for any acts or omissions in connection with the conduct of the auction or for any matter relating to the sale of any Lot, other than as set out in the Authenticity Guarantee, or as may be required by applicable law.

(v) The Seller of any Lot is not liable to you for any acts or omissions in connection with any matter relating to the sale of such Lot, other than a breach of the express representations and warranties given by the Seller.

(vi) Unless we own a Lot offered for sale, we are not responsible for any breach of these Conditions of Business for Buyers by the Seller.

(vii) Neither you nor we nor the Seller will be liable for any special, consequential, indirect or incidental damages.

(viii) With respect to Experiences, no Sotheby’s Group Company, nor our and their respective officers and employees, will be liable for any negligent act or omission of any person or entity providing any goods or services arising out of or in connection with the fulfillment of an Experience or the Buyer’s participation in the Experience, or for any claims, causes of action, liabilities, damages, losses, or expenses (including but not limited to reasonable attorneys’ fees) arising out of or in connection with the Buyer’s interaction with the Seller or any third party in connection with an Experience.

(ix) Without prejudice to Conditions 13(a)(i)-(viii), our and the Seller’s aggregate liability to you under these Conditions of Business for Buyers for any claim relating to a Lot will not exceed the amount of the Purchase Price of the Lot actually paid, except in the case of our willful misconduct or fraud, or in the case of death or personal injury caused by our negligent acts or omissions.

(b) In addition to the terms set forth in Condition 13(a) above and without limiting Condition 3(j) above in any way, NFTs shall be subject to the additional terms in this Condition 13(b).

(i) We are only selling the ownership rights to the NFT and in no way are we responsible for any resales or secondary market sales of the NFT or the Referenced Content or any iterations of the same. Any copyright(s) in and to the NFT and Referenced Content, including but not limited to, any reproduction rights in any Referenced Content, remain with the creator(s) thereof, and the purchase of the NFT does not constitute an assignment of any copyright(s) in and to the NFT or Referenced Content. If you purchase an NFT, then, including without limitation, these Conditions of Business for Buyers and any Listing Terms, we hereby grant you a worldwide, non-exclusive, non-transferable, royalty-free licence to use, copy and display the NFT and the Referenced Content for such purchased NFT solely for the following purposes: (a) for your own personal, non-commercial use; (b) as part of a marketplace that permits the purchase and sale of your NFTs; or (c) as part of a third party website or application that permits the inclusion, involvement, or participation of your NFT. This licence only lasts as long as you are the valid owner and holder of the NFT associated with the Referenced Content. If you sell or transfer the NFT to another person, this licence will transfer to such other owner or holder of the NFT, and you will no longer have the benefits of such licence. All rights not expressly granted herein are reserved.

(ii) You agree that you may not, nor permit any third party to do or attempt to do any of the following without our (or, as applicable, our licensors’) express prior written consent in each case: (a) modify the Referenced Content for NFTs in any way, including, without limitation, the shapes, designs, drawings, attributes, or colour schemes; (b) use the Referenced Content for your NFT to advertise, market, or sell any third party product or service; (c) use the Referenced Content for your NFT for any derogatory or defamatory purpose that creates harmful associations or a risk of harm, damage or liability to any of the Sotheby’s Group Companies, e.g., in connection with images, videos, or other forms of media that depict hatred, intolerance, violence, cruelty, or anything else that could reasonably be found to constitute hate speech or otherwise infringe upon the rights of others; (d) sell, distribute for commercial gain (including, without limitation, giving away in the hopes of eventual commercial gain), or otherwise commercialise merchandise that includes, contains, or consists of the Referenced Content for your NFT; (e) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Referenced Content for your NFT; (f) create, sell or attempt to create or sell fractionalised interests in the Referenced Content or any NFT; or (g) otherwise utilise the Referenced Content for your NFT for your or any third party’s commercial benefit.

(iii) If the Referenced Content associated with your NFT contains third party copyrights, trade secrets, trademarks, know-how, patent rights or any other intellectual property rights recognised in any country or jurisdiction in the world (collectively, “Third Party IP”) (e.g. licensed intellectual property from any rights holder, such as music performance rights or publicity rights), you understand and agree as follows: (a) you will not have the right to use such Third Party IP in any way except as incorporated in the Referenced Content for your NFT, and subject to the licence and restrictions contained herein; (b) depending on the nature of the licence granted from the owner of the Third Party IP, we may need to (and reserve every right to) pass through additional restrictions on your ability to use the Referenced Content; (c) to the extent that we inform you of such additional restrictions, you will be responsible for complying with all such restrictions from the date that you receive the notice, and that failure to do so will be deemed a breach of the licence contained herein; (d) such third party owns and retains all right, title and interest in and to such Third Party IP except as expressly licensed hereunder; and (e) the licensor of such Third Party IP shall be a third-party beneficiary of (but not a party to), and entitled to enforce, these Conditions of Business for Buyers against you with respect to such Third Party IP.

(iv) Transfer of ownership to an NFT will not guarantee that you will continue to have access to the Referenced Content to which it relates and you further acknowledge and agree to the risks associated with purchasing, using, transferring, and owning NFTs, as applicable, including, but not limited to, telecommunications, network, server, or blockchain failures, malfunctions, or disruptions; risk of losing access to the NFT due to lost or forgotten private key(s) or password(s) or corrupted wallet files; mis-typed addresses or incorrectly constructed transactions; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of cyber-security attack; custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; and other unanticipated risks.

(v) Neither you nor we nor the Seller will be liable for any special, consequential, indirect or incidental damages, including, as applicable, damages relating to any of the risks or disclaimed attributes set forth in Condition 13(b)(iii). In addition to the above, we will not be liable for any loss whatsoever related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.

(vi) You have sufficient understanding of NFTs, digital wallets and other storage mechanisms, cryptocurrencies, blockchain technology, and the use, characteristics, functionality, programming, and/or other material characteristics of all of the foregoing, to fully understand and agree to these Conditions of Business for Buyers and the disclaimers and risks outlined herein, or have consulted with professional advisors in relation to the foregoing such that any participation by you in the auction of any NFT constitutes an informed acceptance of such disclaimers and risks.

14. Data Protection

(a) We will hold and process your personal information and may share it with another Sotheby’s Group Company for use as described in, and in line with, our Privacy Policy published on our website https://www.sothebys.com/privacy-policy or available on request by email to enquiries@sothebys.com.

(b) We may film auctions or other activities on any Sotheby’s Group Company’s premises and such recordings may be transmitted over the internet via our website or other Online Platforms or social media. Online and telephone bids may be recorded and you agree to such recording.

15. AUTHENTICITY GUARANTEE

(a) We, as principal, provide an Authenticity Guarantee to the Buyer, subject to the following terms and conditions, that the information regarding authorship, period, origin and/or culture as set out in the Guarantee Line (as defined) is correct. The “Guarantee Line” for each Lot is set out on the respective Lot page in the online Catalogue on our website and, where applicable, in the Guarantee Line Schedule in the hardcopy Catalogue (if any). Notwithstanding anything to the contrary in this Condition 15, with respect to NFTs, unless otherwise set forth on the respective Lot page on our website, the Guarantee Line is regarding the authorship of the Referenced Content, if any. The Guarantee Line may be amended by a salesroom or website posting or announcement. Buyers should refer to the glossary of terms, if any, for an explanation of terminology used in the Guarantee Line.

(b) The Authenticity Guarantee is provided for a period of five years after the date of the auction (the “Guarantee Period”), except as otherwise provided below.

(c) The Authenticity Guarantee is provided solely for the benefit of the Buyer and cannot be transferred to any third party.

(d) To claim under the Authenticity Guarantee, the Buyer must:

(i) notify us in writing within three months of receiving any information that causes the Buyer to question the correctness of the Guarantee Line and in any event by no later than the expiry of the Guarantee Period, specifying the Lot number and the date of the sale in which it was purchased, and providing all the information in the Buyer’s possession in support of the Buyer’s claim; and

(ii) return the Lot to us or, at our direction, to the Seller or another third party, in the same condition as at the date of sale to the Buyer and be able to transfer good title in the Lot, free from any third-party interest or claim(s) arising after the date of the sale.

In addition, we may also require the Buyer to obtain at the Buyer's cost the reports of two independent and recognized experts in the field, mutually acceptable to us and the Buyer. We will not be bound by any such reports and we reserve the right to seek additional expert advice at our expense.

(e) We reserve, in our absolute discretion as principal, the right to reject a claim under the Authenticity Guarantee if:

(i) the Guarantee Line was in accordance with the opinions of scholars and experts, which are generally accepted and known or privately expressed to us, as at the date of the sale, or the Lot description indicated that there was a conflict of such opinions;

(ii) the only method of establishing that the Guarantee Line was incorrect at the date of the sale would have been by means or processes not then generally available or accepted, unreasonably expensive or impractical to use, or likely to have caused damage or loss of value to the Lot;

(iii) the manner in which the Guarantee Line is said to be incorrect is due only to damage, restoration, modification work of any kind (including repainting or over-painting) present at the time of the sale, or the inability of the manufacturer, maker or relevant archives to confirm the correctness of the Guarantee Line; or

(iv) the manner in which the Guarantee Line, is incorrect does not result in a material loss in value of the Lot.

(f) Subject to the above, if we reasonably determine that the Guarantee Line in respect of a Lot is not correct, we will ensure that the sale is rescinded, and that the Buyer is refunded the Purchase Price in the currency of the sale.

(g) The Buyer acknowledges and agrees that rescission of the sale and the refund of the Purchase Price is the Buyer’s sole remedy available under the Authenticity Guarantee and is in lieu of any other remedy that might otherwise be available to the Buyer as a matter of law or in equity.

(h) Additional provisions specific to Lots in Jewellery, Wine & Spirits, Tea and Books & Manuscripts auctions:

(i) With respect to Lots containing any gemstone, jade or pearls, the Authenticity Guarantee is that the gemstone, jade or pearls are genuine or of natural origin, and the Guarantee Period for any claim that the gemstone, jade or pearls are not genuine or of natural origin is 21 days from the date of the auction.

(ii) With respect to Lots sold in a Wine & Spirits or Tea auction, the Authenticity Guarantee is that the producer and vintage (for Wine & Spirits) and type (for Tea) is as stated in the Guarantee Line, and the Guarantee Period is 21 days from the date of the auction.

(iii) With respect to Lots sold in a Books & Manuscripts auction, the Authenticity Guarantee also includes a guarantee to the Buyer for a Guarantee Period of 21 days from the date of the auction that, subject to Conditions 15(c)-(g), the Lot’s text and/or illustrations are not materially defective. Subject to the following exceptions, if we reasonably determine that the text or illustrations in a Lot are materially defective, we will ensure that the sale is rescinded, and that the Buyer is refunded the Purchase Price in the currency of the sale. We reserve the right to reject a claim under this Condition 15(h) if:

(1) the Lot comprises an atlas, an extra-illustrated book, a volume with fore-edged paintings, a periodical publication or a print or drawing;

(2) in the case of a manuscript, the Lot was not described in the Catalogue as complete;

(3) the defect complained of was mentioned in the Lot description or the item complained of was sold un-named in a Lot;

(4) the defect complained of is not a defect in text or illustration, such as without limitation, damage to bindings, stains, foxing, marginal wormholes, lack of blank leaves or half titles or other conditions not affecting the completeness of the text or illustration, lack of list of plates, inserted advertisements, cancels or any subsequently published volume, supplement, appendix or plates or error in the enumeration of the plates, or is based on the age of hand-coloring in maps, atlases or books; or

(5) the manner in which the text or illustrations are defective does not result in a material loss in value of the Lot.

(i) For the avoidance of any doubt, the Authenticity Guarantee does not limit any rights or remedies that may be available to the Buyer under the applicable law and that cannot by law be excluded or limited by these Conditions of Business for Buyers.

16. Miscellaneous

(a) You shall provide to us, upon our request, verification of identity and any additional information required to comply with our Know Your Client requirements, applicable law or to evidence your authority to enter into these Conditions of Business for Buyers. If you are an agent acting on behalf of a principal, you shall also disclose to us the identity of the principal and provide to us, upon our request, verification of identity and any additional information required to comply with our Know Your Client requirements, applicable law with respect to you and the principal or to evidence your authority to bid on behalf of and to bind the principal. We reserve the right to seek identification of the source of funds received. If we have not completed our enquiries in respect of Know Your Client, Sanctions, anti-money laundering, anti-terrorist financing or other checks as we consider appropriate concerning you (or your principal, if applicable) to our satisfaction or if we are not satisfied in our sole discretion with the results of such enquiries, we may, in our sole discretion, prohibit you or the principal from bidding, or not complete, cancel or rescind the sale of any Lot, including refusing or returning any payment, as appropriate, and take any further action required or permitted under applicable law without any liability to you.

(b) You are personally liable for your bid. If you are an agent acting on behalf of a principal, you and your principal are bound by the terms of these Conditions of Business for Buyers and jointly and severally assume your obligations and liabilities under them.

(c) We own the exclusive copyright to all images and written material we produce relating to each Lot. You cannot use them without our prior written permission. We may use them as we deem appropriate, to the extent permitted by law, before, during or after the sale of a Lot.

(d) The Conditions of Business for Buyers, including the Authenticity Guarantee, and the express representations and warranties and indemnity given by the Seller together are the entire agreement between us, the Seller and you with respect to the subject matter hereof and supersedes all prior or contemporaneous written, oral or implied understandings, representations or agreements relating to the subject matter of this agreement. If any part of this agreement is deemed invalid or unenforceable, such invalidity or unenforceability will not affect the remaining provisions, which will remain in full force and effect. No act, omission or delay by us shall be deemed a waiver or release of any of our rights.

(e) These Conditions of Business for Buyers are binding upon, and inures to the benefit of, you, your estate, heirs, executors, devisees, representatives, administrators, successors and permitted assigns.

(f) You may not assign or delegate your rights or obligations under these Conditions of Business for Buyers without our prior written consent.

(g) Notices to us should be in writing and addressed to the department in charge of the sale, quoting the reference number specified for the auction.

17. Law and Jurisdiction

These Conditions of Business for Buyers and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Conditions of Business for Buyers, their subject matter or their formation will be governed by and construed in accordance with the law of England. The Contracts (Rights of Third Parties) Act 1999 is excluded and will not apply to these Conditions of Business for Buyers. Each party irrevocably agrees that the Courts of England and Wales will have exclusive jurisdiction to settle any claim or dispute (including non-contractual disputes or claims) arising out of or in connection with these Conditions of Business for Buyers, their subject matter or formation. All Bidders and Buyers 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 your last address known to us or any other usual address or in any other manner permitted by the law of England, or by the law of the place of service.

Last Modified September 14, 2022

Pablo Picasso