38th Sale Auction - from the Collector's Collection

AUCTION REGULATIONS

1. The objects of the auctions are works of art and handicraft provided by the clients and owned by

the Auction House.

2. The object put up for auction is provided with a starting price given in the catalog as well as an

estimation.

3. The descriptions of the objects included in the catalogue may be changed before the beginning of

the bidding.

4. The Auction House reserves the right to withdraw an object from the auction without giving

reasons and does not bear any responsibility in this respect.

5. An organization fee of 20% is added to the final price of the bidding. The fee applies to post-

auction sale as well.

6. Some of the items are subject to a Droit de Suice (DdS) fee, which is fully covered by the buyer.

Relevant information about the DdS fee is placed next to the description or price of the item.

Depending on the final price obtained during the auction, this fee will be as follows:

- up to €100 - no fee

- €100,01 - €50,000 - 5%

- €50 000,01 - €200 0000 - 3%

- €200 000,01 - €350 000 - 1%

- €350 000,01 - €500 000 - 0.5%

- above 500 000 - 0.25%

The maximum DdS fee is €12,500 (Euro exchange rate according to NBP quotations)

The fee results from the Act of 4 February 1994 (Article 19) with subsequent amendments on

copyrights of the author and his heirs for the resale of original artistic works.

II

1. The persons authorized to participate in the bidding are those who have paid a refundable bid

bond of 500 PLN.

2. Persons interested in the bidding who are unable to attend the auction, may pay the bid bond and

make a purchase offer (with the maximum price offered) in the days preceding the auction.

Employees of the Auction House will take part in the bidding on their behalf (the maximum price is

confidential).

3. It is possible to participate in the bidding of particular objects by telephone, on condition that the

Auction House is informed in advance.

4. On the day of the auction, offers with the maximum price and offers for participation in bidding

by telephone are accepted until 5 p.m.

After 5 p.m. and during the bidding you may bid on www.artinfo.pl (+48 693 108 148)

5. The Auction House is not responsible for technical problems or the inability to call the customer

during the auction.

III

1. The auction is conducted by an authorized person - the auctioneer.

2. The bidding starts with the starting price given in the catalogue. Most objects have a guaranteed

price, below which the object cannot be sold without additional consent of the owner.

3. The Auctioneer may submit bids himself, either further or in response to Customers' bids, up to

the reserve price level.

4. The auctioneer shall decide on the progress of the auction. It is traditionally around 10%.

5. The person offering the highest price becomes the Buyer. The bidding ends when the auctioneer

hits the gavel. If the bidding ends at the moment of a dispute, the auctioneer has the right to settle

the dispute or to restart the bidding.

6. If the bidding ends at the level of the starting price or above it, the purchase and sale agreement is

concluded.

7. If the bidding ends at a level lower than the starting price, the final conclusion of the purchase and

sale agreement must be confirmed by the object's owner within 7 days of the auction date.

The price bid is binding for the buyer. If another purchase offer is proposed after the auction - not

lower than the starting price, the first bidder has the pre-emption right.

IV

1. The buyer is obliged to purchase the object within 5 days of the end of the auction. The payment

of a deposit of 20% of the final price is acceptable. The remaining amount should be paid within 10

days of the end of the auction. In the case when the deadline is not respected, the deposit is not

returned. The bid bond constitutes the deposit or a part of it.

2. In the case of conditional sale (below the starting price) the bid bond remains at the Auction

House, and after 7 days, depending on the decision of the object's owner, it is returned or it

constitutes the deposit on account of the purchase.

3. The ownership right over the purchased object is transferred on the buyer when the full payment

is made.

V

1. The Auction House guarantees the authorship and other characteristics of the object, described in

the catalogue. However, if the description proves different from reality, the Buyer has the right to

return the object to the Auction House within 14 days, and the Auction House will return the

complete payment which has been made. Questioning the catalogue description must be

documented by trustworthy expert opinions.

2. The Auction House bears no responsibility for hidden physical and legal faults of purchased

objects.

3. The lack of information in the catalogue about the state of preservation of the object does not

mean that it has not undergone maintenance.

4. Statements published by the auctioneer prior to the auction shall supplement or correct the

catalogue descriptions.

VI

1. Polish museums have the right of pre-emption at the auctioned price, provided that they report it

immediately after the end of the auction.

The Auction House reminds that in accordance with the applicable regulations, the export of objects

older than 55 years and with values exceeding the limits specified in the Act on the Protection and

Care of Monuments Outside the Country requires the consent of the relevant authorities.

We would also like to remind you that in accordance with applicable regulations, the Auction House

is obliged to collect personal data of customers making transactions in the amount exceeding PLN

10,000.