JEAN-MICHEL FOLON (1934-2005) - Senza Titolo (Le dictateur), 1971

1- The following terms and conditions govern the sale by auction of modern and contemporary artworks organised

by Studio d’Arte Borromeo S.R.L., VAT no. 09187890968 (hereinafter “Studio d’Arte Borromeo SRL), in their

own premises, open to the public.

Unless the works on sale are exclusively owned by Studio d’Arte Borromeo SRL, the latter acts as a mandatary

with representation of the person who mandates them to sell the goods at auction (“principal”). In these cases,

the effects of the sale are binding only on the seller who is the owner of the goods and the buyer of the goods,

consequently, Studio d’Arte Borromeo SRL will not assume any responsibilities towards the buyer other than and

in addition to those arising from the contract of mandate to sell.

To enable potential buyers to view the artworks for sale, to know their main technical characteristics and to evaluate

their authenticity, quality and especially their state of preservation, Studio d’Arte Borromeo SRL organises

prior to the auction, an exhibition of all the artworks for sale, accessible by all interested parties, accompanied

by the presence of its experts. Interested parties will also have the opportunity to view lots not exhibited on

the premises but allocated in the warehouses for this purpose present always at the premises of Studio d’Arte

Borromeo SRL.

At the time of viewing and verification of the artworks for sale, potential buyers have the opportunity to examine

them by availing themselves of the advice of their trusted expert at their own expense in full.

Precisely because of the possibility of prior examination of the authenticity, quality and state of preservation

of the artworks for sale, no objections shall be allowed after the auction adjudication, therefore, Studio d’Arte

Borromeo SRL shall not be held responsible for any defects concerning authenticity, wrong attribution, state of

preservation, possible indication of provenance or cataloguing of the artworks for sale.

2- An online catalogue published on www.asteborromeo.com is always planned and implemented including the

list of artworks for sale together with details about authenticity, author, dating, period, origin, source, measurements

and technique. The indications contained in the catalogue are the result of mere personal opinions of the

experts of Studio d’Arte Borromeo SRL, therefore they must be considered as such for all legal purposes so that

no responsibility can be recognized against Studio d’Arte Borromeo SRL descending from such indications even

considering that the same operates as agent.

In the catalogue, each goods/artwork offered for sale will be accompanied by an estimate attributed by the

experts of Studio d’Arte Borromeo SRL; it is understood that this estimate is to be considered merely indicative

such that the final adjudication price of the artwork may be lower, equal or higher than the estimate provided.

Said estimate shall never constitute grounds for claiming a price with respect to that realised, nor shall it constitute

a formal expectation of realisation legitimising any actions for compensation based on it.

In the catalogue, moreover, each artwork shall be presented with an auction-base value; such value shall be the

minimum sale price established by Studio d’Arte Borromeo SRL for the goods/artworks it owns, or the sale price

agreed upon between Studio d’Arte Borromeo SRL and the principal for the goods/artworks for which it acts as

agent, below which value the goods shall be considered unsold.

3- Participation in the sale of goods/artworks at auction can only take place prior registration. Registration is carried

out by filling in the auction registration form in full, providing the interested party’s personal data (personal

details, tax code, VAT number, place of residence, domicile, landline and mobile number) and presenting a copy

of a valid ID and tax code. Should the interested party wish to register as a legal entity, they will be required to

provide Studio d’Arte Borromeo SRL with a copy of the company’s Chamber of Commerce certificate. Registration

for the auction can be made at any time before the start of the sale session. Studio d’Arte Borromeo SRL

reserves the right to accept or refuse an applicant’s participation in its auctions, being entitled, in particular, to

deny participation to subjects who have not punctually honoured pecuniary obligations also of a compensatory

nature or previous purchase commitments.

By registering, the purchaser expressly accepts to receive electronically from Studio d’Arte Borromeo SRL communications

and/or information concerning its commercial activity of sale, also referred to particular events or

methods of sale, without the need for further consent.

4- Studio d’Arte Borromeo SRL has the right to withdraw from the auction, at any time, any goods/artworks offered

for sale. Should the item be presented for auction and the bids received not reach the reserve price established

by Studio d’Arte Borromeo SRL or agreed upon by the latter with the principal, said item shall be considered

unsold and consequently withdrawn from the auction. The choice of sales method shall be the sole responsibility

of Studio d’Arte Borromeo SRL, in the person of the sales manager, who shall also be entitled to combine,

divide and vary the order of the lots offered for sale. The sales manager may accept bids from the public in the

auction room, written bids left on the counter prior to the start of the auction, telephone bids authorised by

written request (it is specified that in telephone bids the bidder undertakes in any case and at the very least to

pay the amount of the base bid), telematic bids received through the portals linked to Studio d’Arte Borromeo

SRL received both in the days preceding the auction and during the live internet broadcast of the sale session.

5_ Studio d’Arte Borromeo SRL shall not accept bids in the name or on behalf of third parties, except for cases in

which the relative power of attorney issued by the third party for which the bidder is acting, drawn up by public

deed or private deed and accompanied by a copy of the identity document and tax code of both the delegate

and the delegating party, has been deposited prior to the auction.

The adjudication of the goods/artworks offered for sale is awarded to the highest bidder and is established by

the sales manager with a hammer blow or other equivalent signal, which determines the moment at which the

contract of sale is concluded. Please note that:

- in the case of written bids of equal amounts, the bid received first will prevail;

- in cases of a written bid and a bid from the public in the auditorium of equal amount, the bid received from the

public in the auditorium will prevail;

- in cases of a written bid and a telephone bid of equal value, the bid received by telephone will prevail.

6- To the adjudication price (the so-called hammer price), the buyer must add, by way of auction commission,

an amount equal to a percentage varying between 20% and 30% VAT included, depending on the type of goods/

artworks up for auction (percentage specified at each Auction both in the online catalogues and in any printed

catalogues). Following the adjudication, the purchaser will be sent by Studio d’Arte Borromeo SRL a specific adjudication

summary indicating the adjudicated lot, the hammer price, the amount of the auction commission, and

any shipping costs and the final total price. In specific cases, specifically indicated in the catalogue, for goods/

artworks delivered by a principal subject to independent VAT, in addition to the VAT calculated on the auction

commission, an additional VAT of 22% will be due on the auction price. In these cases, the award summary will

contain, in addition to the above items indicated above also the item of additional VAT to be paid by the purchaser.

For lots temporarily imported from countries outside the European Community, in addition to the VAT calculated

on the auction fee, an additional 10% VAT will be due on the auction price. The payment, including auction

fees and accessories, shall be made no later than 10 (ten) clear days from the date of the auction. The transfer

of ownership of the goods/artwork from the principal to the purchaser will take place only upon payment by the

latter of the total amount due. The successful bidder, having paid the price and auction fees in full, shall collect

the lots purchased at its own care, risk and expense within 7 (seven) days of payment of the total auction price.

Upon agreement with the successful bidder to be specified by email, Studio d’Arte Borromeo SRL may organise

the packing, transport and insurance of the lot at the sole risk and expense of the successful bidder. In these

cases, the successful bidder shall not be able to claim against Studio d’Arte Borromeo SRL for any delays in the

delivery of the goods/artworks or for any damage to them during shipment.

With regard to packaging, the purchaser undertakes to pay Studio d’Arte Borromeo SRL the relative fee, which

may vary from € 15.00 (fifteen) to € 100.00 (one hundred) per parcel, depending on the nature and size of the

same.

In the case of new purchasers, it is specified that should they wish to pay by cheque or by bank transfer, the transfer

of ownership of the lot shall take place only when the payment has been successfully completed, i.e. when

the corresponding sum has actually been collected by Studio d’Arte Borromeo SRL. In this case, the adjudicated

goods/artworks may only be collected by the purchaser, at his own risk and expense, within 7 (seven) days after

the relevant payment has been made.

Once the deadline for collecting the goods/artworks has expired without their being diligently collected by the

successful bidder, Studio d’arte Borromeo SRL shall be fully exonerated from any responsibility towards the successful

bidder for the custody of the goods/artworks and shall be entitled to charge the latter the daily cost of €

5.00 (five) per day for each single goods/artwork as custody and storage of the same at its premises.

7- In the event that the successful bidder is resident abroad and, consequently, the goods purchased must be

exported, Studio d’Arte Borromeo SRL cannot be held responsible or obliged towards the successful bidder for

any limitations placed on exportation, nor with regard to any licences, authorisations and/or permits that the

successful bidder shall have to obtain or procure in accordance according to the laws in force (customs, currency

and protection of the artistic heritage of the country of destination). Similarly, Studio d’Arte Borromeo SRL

cannot be considered obliged towards the purchaser of all those further expenses referred to export permits or

customs duties that shall be entirely borne by the purchaser.

Payment for purchases shall in any case be made within the terms set out in these conditions of sale.

Any refusal of an export permit shall not be considered just cause for the renunciation of the purchase or for

suspension or cancellation of payment for the purchased goods/artwork.

For goods/artworks subject to the Italian State Notification regime, purchasers are required to comply with the

relevant legal provisions in force.

In the event that the Italian State exercises its right of pre-emption - so-called cultural pre-emption; the purchaser

shall be subject to this right, its timing and the obligations arising therefrom.

8- Lots may be paid for by the following means:

- bank draft;

- credit card (at the premises of Studio d’Arte Borromeo SRL);

- ATM (at the premises of Studio d’Arte Borromeo SRL);

- cash (within the legal limits in force and in compliance with anti-money laundering legislation);

- bank transfer at the full expense of the purchaser (in which case the payment shall be considered concluded

only after the actual crediting of the full amount on the current account of Studio d’Arte Borromeo SRL)

- bank cheque (in which case the payment shall be considered concluded only after the actual crediting of the

full amount to the current account of Studio d’Arte Borromeo SRL).

9- In the event of non-payment of the due amount in respect of the awarded goods/artworks after 15 clear days

from the auction, Studio d’Arte Borromeo SRL may alternatively:

- deem the sale to be ipso jure terminated, giving written notice thereof to the successful bidder, pursuant to

Article 1456 of the Italian Civil Code, subject to the right to take action before the competent Authorities to

recover damages, including image and reputation damages, all suffered by the successful bidder in default and

thus guilty of the termination of the relationship;

- take legal action against the successful bidder in order to obtain the compulsory execution of the purchase

and payment obligation;

- sell the lot to a third party by private treaty in disregard of the rights to be forfeited to the successful bidder;

- sell the lot to a third party by way of a new auction in disregard of the rights to be deemed forfeited of the

successful bidder.

With regard to the new sale of the lots (by private treaty or auction) it is specified in any case that the goods/

artworks will be kept again by Studio d’Arte Borromeo SRL at the risk and expense of the first defaulting assignee

at least until they are sold as above.

10- For goods/artworks sold at auction, the relationship between Studio d’Arte Borromeo SRL and the principal

can be considered concluded approximately after 30 (thirty) working days following the date of the auction,

provided that the amount due by the consignee is paid by the latter within the terms established by these

general terms of sale.

11- In the event that, following the adjudication, a goods/artwork turns out to be counterfeit or a duplicate,

Studio d’Arte Borromeo SRL may proceed to reimburse the purchaser who makes the relative request on the

basis of the following conditions.

The repayment obligation of Studio d’Arte Borromeo SRL shall be deemed to be dependent on the following

activities placed on the purchaser within the peremptory term of 10 (ten) years from the date of adjudication

and therefore of entry into possession:

The purchaser shall previously communicate to Studio d’Arte Borromeo SRL by PEC or other equivalent means

the elements and reasons that lead him to consider the purchased goods/artwork as fake or counterfeit;

The purchaser shall be able to return the goods/artworks purchased by Studio d’Arte Borromeo SRL in the same

conditions in which they were on the date of the award, free from claims and/or demands and/or constraints by

third parties and/or judicial and/or administrative authorities that have arisen after the date of sale;

The purchaser shall provide Studio d’Arte Borromeo SRL with the appraisals on the goods/artwork by at least two

independent scholars or experts of acknowledged competence that shall detail the reasons underlying the alleged

counterfeit, which in any case shall not independently bind Studio d’Arte Borromeo SRL to reimbursement.

Studio d’Arte Borromeo SRL shall have the right to have a specific technical appraisal carried out on the goods/

artwork considered counterfeit at its own care and expense, at the outcome of which it shall inform the purchaser

of the results.

The reimbursement for the goods/artwork considered counterfeit shall be acknowledged to the purchaser only

and only in case of ascertained fraud or gross negligence concurring in the sale of the goods/artwork at the

expense of Studio d’Arte Borromeo SRL.

Only in the above-mentioned cases and under the above-mentioned conditions, Studio d’Arte Borromeo SRL

shall proceed to reimburse the goods/artwork found to be counterfeit by paying to the purchaser only the price

paid by the latter in the same currency and without any further amount for legal interest and/or default interest

or monetary revaluation. No further rights or claims, including those referring to incidental expenses shall be

recognised to the purchaser.

12- All effects of the sale shall take place exclusively between the seller (owner of the goods) and the successful

bidder.

Studio d’Arte Borromeo SRL shall not assume any liability towards the successful bidder or any third party other

than that arising from the mandate-to-sell relationship. Any and all objections regarding the eviction or defects

of the thing sold shall therefore be addressed to the seller (the owner thereof) alone.

13- These general sales conditions, governed by Italian law, are fully accepted by all parties participating in the

sales procedure.

It should be noted that Italian criminal law, in protecting the full freedom of tenders, provides for and punishes

the disruption of tenders also by means of fictitious bids.

14- All disputes arising from this contract, including those relating to its existence, validity, extinction, interpretation,

execution and termination, shall be the competence of the judicial authorities of the Court of Milan.

15- The purchaser declares to have read the information pursuant to Art. 13 of EC Regulation no. 2016 /679/

EU, regarding the processing of personal data collected with this request and, in particular, that such data will

be processed, also by means of automated systems, exclusively for the performance of the activities inherent

to Studio d’Arte Borromeo SRL, and to consent, pursuant to art. 6 and 7 of the aforesaid Regulation, to the

processing of his/her personal data, carried out in the manner and for the purposes indicated above, and in

compliance with the laws and regulations in force and applicable, in any case strictly connected and instrumental

to the management of the participation in the auction and of the auction relationship. It is specified that the

data controller is Studio d’Arte Borromeo SRL to which it is possible to address requests and requests concerning

the processing of the data themselves.