Common use of EXECUTION OF SALE Clause in Contracts

EXECUTION OF SALE. a) In addition to the hammer price, the successful bidder (buyer) shall pay the following commission and tax per lot: 1) Lots from the EU: 25% + VAT, or 30% VAT included 2) Lots from outside the EU(marked by a * and the note ‘lot under temporary import’). In addition to the commission and tax indicated above, import charges will be due (paintings, drawings, sculpture: 5.5% hammer price ; jewellery and watches, cars, wines and spirits and multiples: 20%). 3) VAT on commission and import charges may be paid back to the successful bidder on presentation of proof of export outside the EU. EU bidders providing a document of Intra- community VAT No. registration and a document proving the delivery of the goods to its head office located in one of the EU states outside France, may obtain a refund of the VAT on commission. The price of the lot, including charges and tax, has to be paid at once. Successful bidders can settle their invoice by credit card by way of secure online payment only: VISA, MASTERCARD or AMEX (for American Express payments, an additional commission of 1.85% for collection costs will be charged). b) Artcurial SAS will store the information provided by successful bidders before the sale and include them in the official record of the sale. c) Artcurial SAS will insure the lot until payment in full has been received and the successful bidder has collected the lot, within 30 days after the sale. Successful bidders cannot make claims against Artcurial SAS if the compensation they receive from Artcurial SAS’s insurer following the theft, loss or damage of their lot, after payment, is insufficient. d) The lot will only be delivered to the buyer after full payment of the price, charges and tax. If the successful bidder fails to pay the price due 25 days after the sale, said sale is cancelled automatically, without prejudice to damages due by the defaulting buyer. The item is put back up for sale on behalf of the seller. Artcurial SAS reserves the right to exclude from its future sales any successful bidders that have defaulted on their payment or have not complied with these terms and conditions of purchase. e) Purchases that have not been collected within thirty days following the sale (including Saturday, Sunday and public holidays) may be transported to a storage location to the costs of the defaulting buyer who will have to pay the expenses concerned in addition to the price, charges and tax, in order to be able to collect the lot.

EXECUTION OF SALE. a) In addition to the hammer price, the successful bidder (buyer) shall pay the following commission and tax per lot: 1) Lots from the EU: 2520% + VAT, or 3024% VAT included 2) Lots from outside the EU(marked by a * and the note ‘lot under temporary import’). In addition to the commission and tax indicated above, import charges will be due (paintings, drawings, sculpture: 5.5% hammer price ; jewellery and watches, cars, wines and spirits and multiples: 20%). Artcurial SAS being subject to VAT on the margin (art. 297A, B and E of the French CGI), no Artcurial document mentions VAT. 3) VAT on commission and import charges may be paid back to the successful bidder on presentation of proof of export outside the EU. EU bidders providing a document of Intra- community VAT No. registration and a document proving the delivery of the goods to its head office located in one of the EU states outside France, may obtain a refund of the VAT on commission. . 4) The price of the lot, including charges and tax, has to be paid at once. Successful bidders can settle their invoice by credit card by way of secure online payment only: VISA, MASTERCARD or AMEX (for American Express payments, an additional commission of 1.85% for collection costs will be charged). b) Artcurial SAS will store the information provided by successful bidders before the sale and include them in the official record of the sale. c) Artcurial SAS will insure the lot until payment in full has been received and the successful bidder has collected the lot, within 30 15 days after the sale. Successful bidders cannot make claims against Artcurial SAS if the compensation they receive from Artcurial SAS’s insurer following the theft, loss or damage of their lot, after payment, is insufficient. d) The lot will only be delivered to the buyer after full payment of the price, charges and tax. If the successful bidder fails to pay the price due 25 days after the sale, said sale is cancelled automatically, without prejudice to damages due by the defaulting buyer. The item is put back up for sale on behalf of the seller. Artcurial SAS reserves the right to exclude from its future sales any successful bidders that have defaulted on their payment or have not complied with these terms and conditions of purchase. e) Purchases Buyers must check that they have not been collected within thirty days following all relevant log books, documents and keys related to their lot at the sale (including Saturday, Sunday time of collection. It is strongly advisable that Overseas purchases and public holidays) may be transported to a storage location to the costs absentee bidders make arrangements regarding collection with Artcurial in advance of the defaulting buyer who will have to pay the expenses concerned in addition to the price, charges and tax, in order to be able to collect the lotsale.

EXECUTION OF SALE. a) In addition to the hammer price, the successful bidder (buyer) shall pay the following commission and tax per lot: 1) Lots from the EU: 25% + VAT, or 30% VAT included 2) Lots from outside the EU(marked EU (marked by a * and the note ‘lot under temporary import’). In addition to the commission and tax indicated above, import charges will be due (paintings, drawings, sculpture: 5.5% hammer price ; jewellery and watches, cars, wines and spirits and multiples: 20%). 3) VAT on commission and import charges may be paid back to the successful bidder on presentation of proof of export outside the EU. EU bidders providing a document of Intra- community VAT No. registration and a document proving the delivery of the goods to its head office located in one of the EU states outside France, may obtain a refund of the VAT on commission. The price of the lot, including charges and tax, has to be paid at once. Successful bidders can settle their invoice by credit card by way of secure online payment only: VISA, MASTERCARD or AMEX (for American Express payments, an additional commission of 1.85% for collection costs will be charged). b) Artcurial SAS will store the information provided by successful bidders before the sale and include them in the official record of the sale. c) Artcurial SAS will insure the lot until payment in full has been received and the successful bidder has collected the lot, within 30 days after the sale. Successful bidders cannot make claims against Artcurial SAS if the compensation they receive from Artcurial SAS’s insurer following the theft, loss or damage of their lot, after payment, is insufficient. d) The lot will only be delivered to the buyer after full payment of the price, charges and tax. If the successful bidder fails to pay the price due 25 days after the sale, said sale is cancelled automatically, without prejudice to damages due by the defaulting buyer. The item is put back up for sale on behalf of the seller. Artcurial SAS reserves the right to exclude from its future sales any successful bidders that have defaulted on their payment or have not complied with these terms and conditions of purchase. e) Purchases that have not been collected within thirty days following the sale (including Saturday, Sunday and public holidays) may be transported to a storage location to the costs of the defaulting buyer who will have to pay the expenses concerned in addition to the price, charges and tax, in order to be able to collect the lot.

EXECUTION OF SALE. a) In addition to the hammer price, the successful bidder (buyer) shall pay the following commission and tax per lot: 1) Lots from the EUEU subject to Italian taxation: 2520 % + current VAT, or 30. (22% VAT Italian VAT) means 24,4% all taxes included 2) Lots from outside the EU(marked by a * and the note ‘lot under temporary import’). In addition to the commission and tax indicated above, import charges will be due (paintings, drawings, sculpture: 5.5% hammer price ; jewellery and watches, cars, wines and spirits and multiples: 20%). 3) VAT on commission and import charges may be paid back to the successful bidder on presentation of proof of export outside the EU. EU bidders providing a document of Intra- community VAT No. registration and a document proving the delivery of the goods to its head office located in one of the EU states outside France, may obtain a refund of the VAT on commission. The price of the lot, including charges and tax, has to be paid at once. Successful bidders can settle their invoice by credit card by way of secure online payment only: VISA, MASTERCARD or AMEX (for American Express payments, an additional commission of 1.85% for collection costs will be charged). b) Artcurial SAS will store the information provided by successful bidders before the sale and include them in the official record of the sale. c) Artcurial SAS will insure the lot until payment in full has been received and the successful bidder has collected the lot, within 30 days after the sale. Successful bidders cannot make claims against Artcurial SAS if the compensation they receive from Artcurial SAS’s insurer following the theft, loss or damage of their lot, after payment, is insufficient. d) The lot will only be delivered to the buyer after full payment of the price, charges and tax. If the successful bidder fails to pay the price due 25 days after the sale, said sale is cancelled automatically, without prejudice to damages due by the defaulting buyer. The item is put back up for sale on behalf of the seller. Artcurial SAS reserves the right to exclude from its future sales any successful bidders that have defaulted on their payment or have not complied with these terms and conditions of purchase. e) Purchases that have not been collected within thirty days following the sale (including Saturday, Sunday and public holidays) may be transported to a storage location to the costs of the defaulting buyer who will have to pay the expenses concerned in addition to the price, charges and tax, in order to be able to collect the lot. f) This lot is sold VAT included. Any demand of refund of the VAT must be done within 8 weeks following the bid. Past this delay no refund could be accepted.