CONDITIONS OF SALE

The Auction House Cornette de Saint Cyr is a voluntary sales company governed by the law of 10 July 2000. The Auction House acts as agent for the seller who enters into a contract for sale with the purchaser. The auction sales organised by the Auction House Cornette de Saint Cyr are hereby subject to the following conditions of sale:

Goods put up for sale

Potential purchasers are invited to examine the goods that might be of interest to them during the exhibits which are organised by the Auction House Cornette de Saint Cyr before the auctions.
Condition reports may be requested from the Auction House by letter, telephone or electronic mail. They will be sent free of charge but are to be used for information only. The reports will include the artistic and scientific information known to the Auction House at the date of the sale and the latter will not accept any responsibility for errors or omissions.
The descriptions to be found in the catalogue are drawn up by the Auction House and where applicable by the expert who assists the former, subject to notices and corrections given when the lot is presented and included in the bill of sale. Sizes, weights and estimates are given for information purposes only. The coIours of the works included in the catalogue may vary due to printing techniques. The lack of information on the condition of the goods in the catalogue will by no means imply that the lot is in a perfect state of preservation or free from restoration, wear, cracks, relining or other imperfection. The goods are sold in the state they are found at the time of sale.
As the prior exhibit has enabled potential purchasers to examine the object, no claim will be accepted once the hammer has gone down.
ln the event of a withdrawal of an article prior to the sale by a depositor and after the publication of the catalogue or, in the event of a modification to the minimum price rendering it impossible to put the article up for sale immediately, the seller will be obliged to pay the purchaser and seller fees calculated on the basis of the median estimate stipulated in the catalogue to the Auction House Cornette de Saint Cyr by way of compensation. The article which has been withdrawn will not be returned to the seller until the aforementioned fees are paid. If no payment is forthcoming, the article will be put up for sale once again in line with the terms of the initial sale requisition.

Auction sales

The auction sales are carried out in the order of the catalogue numbers.
The bidders are invited to make themselves known to the Auction House Cornette de Saint Cyr before the sale to ensure that their personal details are recorded beforehand.
Bidders are generally present in the room.
However, any bidder who would like to place an absentee bid in writing or bid by telephone may use the form, intended for this purpose, to be found at the end of the sale catalogue or on the site www.cornette.auction.fr. The form should be sent to the Auction House Cornette de Saint Cyr together with a bank identification slip [RIB in France] or bank details at least two days before the sale. The Auction House Cornette de Saint Cyr will deal with auction sales by telephone and absentee bids free of charge.
In all cases, the Auction House Cornette de Saint Cyr cannot be held responsible for a problem with the telephone link along with an error or omission in the execution of the absentee bids received.
ln the event of two identical absentee bids, preference will be given to the earliest absentee bid. The bidder who is present in the room shall have priority over an absentee bid should the two bids be of equivalent amounts. The successful bidder will be deemed to be the individual who has made the highest bid.
In the event of a double bid which is confirmed as such by the auctioneer, the lot will be put up for sale again and any or all persons present will have the right to take part in the second sale by auction.

Payment

Sales are to be paid for in cash and in euros.
Payment must be paid immediately after the sale. In the event that the successful bidder has not given their personal information before the sale, they will be required to provide proof of identity and bank details.

ln addition to the hammer price, purchasers will be required to pay the folIowing costs and taxes per lot and per block:
- from 1 to 20 000 euros: 24 % before tax (28,70 % inclusive of tax except for books 25,68 % inclusive of tax)
- from 20 001 euros to 600.000 euros: 20% before tax (23,92 % inclusive of tax except for books 21,40% inclusive of tax)
- above 600.001 euros: 12% before tax (14,35 % inclusive of tax except for books 12,84% inclusive of tax)

For lots from countries outside the European Union, import tax will be added as follows:
For lots with numbers preceded by the sign: * additional tax at 7 % of the hammer price.
For lots with numbers preceded by the sign: ** additional tax at 19.6 % of the hammer price.

The successful bidder may pay using one of the following methods:
- in cash within the limits of the legislation in force.
- by bank transfer.
- by cheque, with the presentation of identity papers being compulsory.
Cheques drawn on a foreign bank will only be accepted provided prior consent is obtained from the Auction House Cornette de Saint Cyr. Purchasers are advised to provide a letter of credit from their bank for on amount which is close to their intended purchase figure.
- by bank card except American Express.

Failure to pay

ln the event of failure to pay the hammer price and fees, formal notice will be sent to the purchaser by registered letter with acknowledgement of receipt.
ln the event of failure to pay at the end of the deadline of one month after the sending of the formal notice, the purchaser will be required to pay an additional fee of 10 % of the hammer price, with a minimum of 250 euros, to cover collection costs.
The fact that this clause is applied will not hinder the awarding of damages and costs for the legal proceedings which will be required, and does not exclude the article being put up for sale again in a new auction [French procedure called "folle enchère" - a crazy bid] which is governed by article L 321 -14 of the Commercial Code.
Within the framework of the folle enchère procedure, the Auction House hereby reserves the right to claim for the payment of the difference belween the initial hammer price and the subsequent hammer price obtained from the folle enchère procedure, if it is lower, together with the costs incurred due to the second Auction sale from the defaulting successful bidder.
The Auction House Cornette de Saint Cyr hereby reserves the right to offset against the amounts owed to the defaulting successful bidder. Furthermore, the Auction House Cornette de Saint Cyr hereby reserves the right to exclude any or all successful bidder who has not complied with these conditions of sale from its future auction sales.

Collection of purchases

No lot will be handed over to the purchasers before all of the amounts owed are settled.
ln the event of payment with a non-certified cheque or by bank transfer, delivery of the articles may be differed until receipt of the amounts owed. As soon as the auction sale is concluded, the articles will be placed under the purchaser's full responsibility.
With regard to the collection of lots which have not been taken on the date of sale, you are advised to contact the Auction House Cornette de Saint Cyr beforehand on +33 (0)1 47 27 11 24.
An appointment can be made to collect small paintings and objects of art at 46 avenue Kléber, 75116 Paris,
from Monday to Friday from 9.00 a.m. to 1.00 p.m. and from 2.00 p.m. to 6.00 p.m. (5.00 p.m. on Fridays).
Fifteen days of free storage is offered. Thereafter, it will be invoiced at 36 euros inclusive of tax per month and per lot, in other words 9 euros inclusive of tax per week and per lot. If the article is collected after the beginning of the week payment for a full week will be requested.
Furniture and generally speaking any bulky articles are kept at our partner's warehouse. Storage costs are to be paid by the purchaser and will be invoiced directly by our partners to the purchaser and in line with the tariffs in force. The Auction House will not be responsible for the storage of articles.
Transport of the lots is to be carried out at the successful bidder's expense and under their full responsibility.

Export

The export of the works of art considered as "cultural goods" must be authorized by the Ministry for the Arts (see article L 111-2 of the Patrimony Code). The export in a country of the European Union requires a certificate of export issued by the Ministry of the Arts in a delay that can take 4 months. This certificate could be asked by the Auction House on behalf of the buyer after the sale.
The export in a country out of the European Union requires a certificate of export, more an export licence and a customs declaration. In this case, the buyer has to pass through a transit company in order to ask for these export authorizations. The Ministry of the Arts issues or refuses the certificate of export in a maximum delay of 4 months and the licence export need two weeks more to be obtained. The documents required must be presented to the customs officers.
The law punishes of penalties the person who exports or tries to export a cultural good without the authorizations required (see article L 114-1 of the Patrimony Code).
The works of art are considered as cultural goods according to their age (generally from 50 years) and their value (price with taxes included) which varies by categories (euros 150 000 or more for paintings, euros 15 000 or more for prints...). These thresholds are set by the decree n° 93-124 of the 29th January 1993 and by the European Regulation of the 18th December 2008 (n° 116/2009).
The Auction House can not be responsible for the delay or the refusal of export certificate from the Ministry for the Arts.

Governing law and jurisdiction

These conditions of sale are governed by French low. Any or all dispute relating to the wording, validity and performance will be settled by the court or competent jurisdiction in Paris.
Hammer prices can be found on the internet site www.cornette-saintcyr.com or upon request at the following telephone number +33 (0) 1 47 27 11 24.