GIORGIO DE CHIRICO

A surcharge of 3% will be applied to all lots purchased on Drouot platform in addition to the buyer's premium as describer below.

Terms of sale

1. GENERAL TERMS

1.1 Taking part in an Auction, both as Buyer and Seller, implies the entire and unconditional acceptance of the Conditions of Sale outlined in our catalogues and published on the website of WANNENES ART AUCTIONS (hereinafter ART AUCTIONS or Auction House). In the event of a change in the aforementioned conditions, the wording in force ratione temporis at the time of the auction itself, for the Buyer, or of the assignment of the mandate to sell, for the Seller, will prevail.

Bidders and Sellers are required to read carefully this section containing the purchase terms of the lots for sale.

1.2 The objects may be sold in lots or individually according to the final opinion of ART AUCTIONS. The Auctions will be held in premises that are open to the public and/or online by ART AUCTIONS which acts simply as agent in the name and interests of each Seller (the name of the said Seller is written in all the Registers required by Law). The sale directly concerns the Purchaser and the Seller. ART AUCTIONS does not assume any responsibility in relation to the Purchaser, the Seller or any third party concerned.

2. BEFORE THE AUCTION

2.1 - ESTIMATES

Beside each lot description in the catalogue there is an indication of the Estimate for potential Buyers. This Estimate cannot constitute any reliance on the Buyer. All the lots, depending on market interest, may achieve prices that are either superior to or inferior to the indicated Estimates. The Estimates relative to the initial sale price, indicated beneath the description of each item in the catalogue, are intended as net and do not include, for example, the commissions (Buyer’s Premium), taxes etc. Since the printing time of the catalogue requires price Estimates in advance, these latter may be subject to change, as may also the description of the items. Each and every change will be communicated by the Auctioneer before the beginning of the Auction in relation to each item concerned. The lot/s will, however, only be sold upon reaching the reserve price.

2.2 - RESERVE

The reserve price corresponds to the minimum price agreed upon between ART AUCTIONS and the Seller, beneath which the lot will not be sold. Lots offered without reserve are indicated in the catalogue with the Estimate in red color or with the wording O.L. These lots are sold to the highest bidder independently of the published Estimates.

2.3 - VIEWING BEFORE THE AUCTION

Where communicated, each Auction is preceded by a free open viewing. Opening times are shown in the first pages of each catalogue and on the ART AUCTIONS website. The viewing enables all Buyers to undertake an appropriate examination of the lots for sale and to verify all aspects related to the lot, such as authenticity, state of preservation, materials, etc. In case of auctions that take place exclusively online, ART AUCTIONS Experts are available to send Condition Reports and additional photographs to potential Buyers, being understood that the opinion of our Experts is not binding and does not replace the judgment of the Buyers.

2.4 - CONDITION OF THE LOTS

The lots are sold in their current state. We recommend, therefore, that potential Buyers check the condition of the lot/s, as well as the type of lot/s being offered, before the Sale. The Experts will be happy to provide upon request Condition Reports on the state of preservation. The descriptions in the catalogues merely represent the opinion of the Experts and may be subject to further revisions that will, in due course, be given to the public during the Auction.

2.5 - WATCHES AND CLOCKS

The descriptions in the catalogue for watches and clocks in relation to preservation and/or restorations are given as guidelines to prospective Buyers, however they may under no circumstance be considered exhaustive. The Condition Reports which ART AUCTIONS may send, on request of a prospective Buyer, do not reflect an exhaustive description and some restorations or imperfections may not be mentioned. Condition Reports are statements of opinion given by the Experts and are purely subjective and do not constitute a guarantee that may substitute a direct examination by the prospective Buyer.

Prospective Buyers should personally inspect the condition of each lot in order to ascertain its effective state, both from the technical and the aesthetic points of view. Lots are sold in their present state and the fact that an imperfection or a restoration is not mentioned does not imply that the imperfection or restoration does not exist. Watches, due to their mechanical and functional nature, are normally used and kept up and possibly repaired, in the course of their existence: they are examined by the Experts prior to the sale, but the Auction House gives no guarantee that they are in working order, free of repairs or in the presence of non-original parts.

Wristwatches in water-resistant cases have been opened to examine their movements: therefore, ART AUCTIONS suggests that such a watch be controlled by an authorized dealer before using the same in conditions where water is present. As concerns quartz movements, no information is given about working order if the battery, at the moment of examination, is discharged. All documents regarding watches, if not otherwise specified, are not present. All straps and bracelets, if not otherwise specified, are not to be considered original. Straps made of organic material are associated with the watch for display purposes only: prospective Buyers are aware that the importation to Foreign Countries of materials derived from endangered or otherwise protected species (purely as an example: tortoiseshell, ivory) are subject to CITES international rules. Prospective Buyers should therefore acquire the necessary information on such restrictions prior to their participation in the sale for lots containing, even though partially, materials falling under these rules. Indications of weight, if included in the Condition Report, are to be considered gross and purely indicative, as well as weights in carats of precious stones, indications of the nature of precious stones or other precious materials and measures of cases.

2.6 - WINES AND SPIRITS

Wines and Spirits are described with as much accuracy as can be ascertained at the time of publication of the catalogues, however potential Buyers must take into consideration any natural variations in levels, conditions of the cases, labels, corks and the wines or spirits themselves. No returns will be accepted.

2.7 - PAINTINGS

By participating in the auction, the Buyer expressly releases the Auction House from any liability and/or warranty in relation to the state of preservation of the frames of the artworks until the time of delivery to the Buyer. In particular, the participant declares to be perfectly informed that the frame was neither an element for the formation of the price nor a decision-making element for the purchase, considering its presence, or its lack, irrelevant. The Auction House will be responsible for the state of preservation of the frame only if it has provided, following a formal request, a Condition Report (within the limits of the omitted indication of any significant deficiencies that determine a significant change in the value of the painting itself ).

The Buyer expressly exempts the Auction House from any liability and guarantee whatsoever in relation to the colors of the paintings, which may be different from those perceived by a direct view. Anyhow, we suggest to ask for a Condition Report and photos in addition to those already present on the website and in the catalogue.

2.8 - TERMINOLOGY AND ATTRIBUTION

Statements concerning the author, attribution, origin, period, provenance and conditions of the lot/s in the Catalogue are to be considered as the personal opinion of the Experts and Scholars who may have been consulted and do not necessarily represent fact.

TITIAN: in our opinion, the work is the work of the artist.

ATTRIBUTED TO TITIAN: in our opinion, the work is probably by the artist, but there is no absolute certainty.

TITIAN’S WORKSHOP/STUDIO: in our opinion, the work is made by an unknown painter working in the artist’s workshop/studio who may or may not have undertaken the painting under the artist’s supervision.

TITIAN’S CIRCLE: in our opinion, the work is made by an unknown painter who is in some way connected or associated to the artist, although not necessarily a pupil of the artist.

STYLE OF/FOLLOWER OF TITIAN: in our opinion, the work is made by a painter who was contemporary or almost contemporary to the artist, working in the same style of the artist, without being necessarily connected to him by an artist-pupil relationship.

MANNER OF TITIAN: in our opinion, the work has been carried out in the style of the artist but subsequent to the period of the artist.

FROM TITIAN: in our opinion, the work is a copy of a painting by the artist. IN THE STYLE OF...: in our opinion, the work is in the style mentioned, however from a later period.

SIGNED–DATED– INSCRIBED: in our opinion, the signature and/or date and/or inscription are by the artist.

BEARING SIGNATURE–DATE–INSCRIPTION: in our opinion, the signature and/or date and/or inscription have been added.

The dimensions supplied are height first, followed by width.

2.9 - OTHER NOTICES

Every lot with any electric equipment is sold as not working and it should be totally re-conditioned. ART AUCTIONS is not responsible for any incorrect, wrong use of sold lots or for any non-compliance with instructions. The words “….year…..” or the date quoted in the lots description indicates the beginning of production of the said lot, unless otherwise specified. The descriptive image in the catalogue and website might not faithfully represent the lots at auction. The Auction House always recommends directly viewing the lots before making any bids. In case it is not possible to have a view of the lot/s in person, prospective Buyers may request a Condition Report in order to receive additional and detailed images of the lot/s.

2.10 - USE OF IMAGES

Buyers and Sellers expressly authorize ART AUCTIONS to use freely and at no cost the photographs depicting the lots being auctioned for any purpose whatsoever, none excluded and/or excepted, including for example but not limited to, advertising, diffusion via internet and/or by any other means, publication in the Magazines of the Auction House or published by third parties,

3. HOW TO PARTICIPATE

3.1 - TAKING PART IN THE AUCTION

Taking part in an Auction may occur by being present in the Auction Room, connected online or through written or telephone bids that ART AUCTIONS will be happy to execute in the name and on behalf of potential Buyers. This service is free of charge and, therefore, the Auction House bears no form of responsibility for this service. ART AUCTIONS will, therefore, not be responsible for any bids inadvertently not executed or for errors related to their execution. ART AUCTION may ask new Buyers for adequate bank references.

3.2 - PARTICIPATION FORM

In order to guarantee the highest levels of transparency during the Auction for all those intending to place bids, prospective Bidders are required to fill out a participation form with personal information and bank details. ART AUCTIONS reserves the right to check on the details/references provided and to refuse those who might not be welcome. Upon completion of the form, ART AUCTIONS will supply a numbered identification paddle which will have to be shown to the Auctioneer in order to place a bid. Customers choosing to participate online will have to create their account in WANNENES plus, fill in the relevant online forms and provide all the information requested. As a partial derogation of the above, ART AUCTIONS may accept Bids if a sum equal to the value of the lot/s requested, plus commissions, taxes and expenses is deposited as guarantee. In case this Bid is successful, the Buyer will communicate immediately his complete personal and tax data.

4. DURING THE AUCTION

4.1 - BIDDING IN PERSON

In order to bid in person, potential Buyers have to register and collect a bidding number by filling out the Bidding Form and providing a valid document of identification and tax code number. All lots sold will be invoiced to the name and address supplied when collecting the bidding number and they will not be able to be transferred to other names and/or addresses. Should a potential Buyer wish to bid on behalf of a third party, he/she should inform ART AUCTIONS before the beginning of the Auction, and expressly receive a written authorization.

4.2 - ABSENTEE AND TELEPHONE BIDS

ART AUCTIONS may accept absentee bids (by means both of written as well as telephone bids) that will be undertaken by the Auctioneer, in direct competition with those present in the Auction Room. Should there be a case of identical bids, the written bid will prevail upon the oral bid. In order to bid by written or telephone bids, potential Buyers have to fill out the Absentee Bids Form issued in the catalogue and /or in our website wannenesgrroup.com and send it to the Auction House at least seven hours before the beginning of the Auction. Bids must be in euro and do not include Buyer’s Premium, charges and taxation as established by the current Law, which therefore must be added.

Absentee bids are carried out on behalf of the bidder at the lowest price possible in consideration of the reserve price and the other bids received by the Auction House. In the absence of a higher bid, written bids undertaken on lots without a reserve (indicated by the Estimate in red or by the letters O.L.) will be sold at approximately 50% of the lowest estimate or at the figure corresponding to the bid, even though lower than 50% of the lowest Estimate. Telephone bids are organized by ART AUCTIONS within the limits of phone line availability and exclusively for lots with a maximum Estimate of no less than 500 euro. Telephone calls during the Auction may be recorded. Potential Buyers who bid by telephone consent to the recording of their conversations. ART AUCTIONS will not be responsible in any case for any problems of any nature that may occur during the telephone connection.

4.3 - ONLINE BIDDING

It is possible to participate online, either by registering in the appropriate section of ART AUCTIONS website and registering for the relevant auction, or through other external platforms. When the auction session is open, potential Buyers can enter the online room and place their bids. ART AUCTIONS is not responsible in any case for any problem or inconvenience of any nature that may occur during the connection, the hammer price and paddle number pronounced by the Auctioneer and transcribed in his appropriate Register will be considered as binding.

4.4 - HAMMER PRICE

Lots are sold to the highest bidder for cash. The Hammer Price indicates that a sale of a lot has been made and from that moment the Buyer assumes full responsibility for the lot. In addition to the hammer price, the Buyer shall pay ART AUCTIONS the auction fees (Buyer’s Premium) and tax charges required by current laws. Should any disputes arise among more than one Buyers, the Auctioneer (his/her decision is final) will put the object up for sale once more so it can be purchased again in the same sale. In any case, the Buyers who disputed the former sale of the item in question are still bound by the initial bid (which gave rise to the subsequent sale of the

item. In the event of a new bid not being made, the Auctioneer, at his sole discretion, will communicate who is to be considered the successful Buyer of the lot/s. In case of any transfer to third parties of the purchased lot/s by the Buyer, ART AUCTION will consider the successful bidder as the sole person responsible for payment. Bidding at Auction in the name of and on behalf of third parties may be accepted only by providing ART AUCTIONS with adequate bank references as well as a power of attorney ad negotia at least three days before the Auction.

4.5 - BIDS PRIORITY

In case of two identical written bids, which are not exceeded by bids in the saleroom or by telephone, ART AUCTION will consider the one submitted first to be the successful one. ART AUCTIONS reserves the right to refuse, at its sole discretion, bids from unknown and/or unwelcome Buyers.

4.6 - AUCTION HOUSE AND AUCTIONEER’S RIGHTS

ART AUCTIONS reserves the right to withdraw any lot/s from the Auction. The Auctioneer opens the Auction beginning with the bid that s/he believes to be the most opportune, based upon both the value of the lot/s as well as the competing bids. The Auctioneer may make further bids or in response to other bids, until the reserve price is reached. The Auctioneer, during the Auction, may group together or separate lot/s and vary the order of the sale. The Auctioneer may – at his/her sole discretion – withdraw lot/s that do not reach the reserve price agreed upon between ART AUCTIONS and the Seller.

5. BUYER’S PREMIUM AND THE ARTIST’S RESALE RIGHT

5.1 - BUYER’S PREMIUM

In addition to the hammer price, the Buyers agree to pay to ART AUCTIONS a Buyer’s Premium on the Hammer Price of each lot sold, V.A.T. included. On all lots we charge:

• 30% of the Hammer Price up to and including € 2.000

• 25% on that part of the Hammer Price over € 2.001 and up to and including € 2.000.000

• 22% on that part of the Hammer Price above € 2.000.001

The following departments are exceptions:

A. Classic Cars 15% of the hammer price

B. Coins & Medals, Philately 20% of the hammer price

C. Wine & Spirits, Books & Manuscripts 25% of the hammer price

5.2 - THE ARTIST’S RESALE RIGHT

The Artist’s Resale Right has been in force in Italy since April 9th 2006 with the Law Decree no. 118 (13/02/2006). This represents the right of the Author/Artist (living or deceased within the previous seventy years) of figurative art works and manuscripts to perceive a percentage of the sale price of his/her original works upon those sales taking place following the initial sale of the work/s in question. Resale Royalties will be charged to the Seller where the hammer price is 3.,000.00 Euro or more and will not be superior to 12,500.00 Euro per lot. The amount to be paid is determined as follows:

• 4% of the Hammer Price up to and including 50,000 euro.

• 3% on that part of the Hammer Price over 50,000,01 and up to and including 200,000 euro.

• 1% on that part of the Hammer Price over 200,000,01 and up to and including 350,000 euro.

• 0.5% on that part of the Hammer Price over 350,000,01 and up to and including 500,000 euro.

• 0.25% for the sale price above 500,000 euro.

The Artist’s Resale Right charged to the Seller will be paid by ART AUCTIONS to the SIAE (The Italian Society for Authors and Editors) as laid down by Law.

6. RESPONSIBILITY

ART AUCTIONS acts exclusively as the agent for the Sellers and bears no responsibility in terms of descriptions of the items in the Catalogues or in any other illustrated publication. All the descriptions of items are intended purely as illustrative and indicative. They may not generate any form of reliance as far as the Buyer is concerned. The Auction will be preceded by a public viewing of the items in order to allow for a careful examination of the lot/s on behalf of prospective Buyers. In this way, potential Buyers will have the opportunity to and be responsible for a complete examination of all the qualities of the item/s in question: for example, the authenticity, the state of preservation, the type, the material of the items being auctioned. After the purchase, no one will be able to dispute or criticize ART AUCTIONS or the Sellers for the lack of any form of quality in reference to the object being auctioned. ART AUCTIONS and its employees/consultants will not issue any guarantee of authenticity. All indications concerning to the carats and the weight of metals or precious stones, as well as their relative marks, are merely indicative. ART AUCTIONS is not responsible for any potential errors or falsifications. Notwithstanding any potential reference to descriptions by experts external to the Auction House, ART AUCTIONS does not either guarantee the accuracy or the authenticity of such comments.

7. PAYMENT

7.1 Payment must be made in full, including Hammer Price, Buyer’s Premium and any other expenses within 10 working days from the date of the Auction, in legal currency in the Country where the auction took place by means of:

A. Cash payments, accepted up to a maximum amount of 4,999.99 euro.

B. Italian bank drafts payable to ART AUCTIONS SRL

C. Bank transfer payable to ART AUCTIONS SRL: BNL Gruppo BNP Paribas, Largo Eros Lanfranco 2, 16121 Genova - SWIFT BNLIITRR – IBAN IT 61 G 01005 01400 000000004382 - If paying by bank transfer, the amount received after the deduction of any bank fee and/or conversion of the currency of payment to euro must not be less than the euro amount payable, as set out on the invoice

D. Certain credit/debit cards are accepted in some Wannenes offices, with a 3% surcharge on the total invoice value for foreign cards. Please contact Wannenes for more information.

ART AUCTIONS may offer, upon agreement with the Seller, to those Buyers it deems reliable, the possibility to pay for purchased lots in instalments. Potential Buyers who wish to undertake payment by instalments should contact the Management of ART AUCTIONS before the sale.

7.2 In the case of lack of due payment, after full compensation of damages made to ART AUCTIONS, the Auction House may: a) return the item to the Seller and demand full payment from the Buyer of the due commissions/premium; b) undertake action in order to forcefully obtain the obligations of purchase; c) sell the lot/s privately or in subsequent Auctions, to the disadvantage of the original Buyer, treating any sums paid by the latter as a form of sanction. If the lot/s is kept by ART AUCTIONS this will be at the risk and expense of the Buyer and the Seller.

7.3 ART AUCTIONS will be authorized to agree with successful bidders on different forms of payment, deposit, sale by private treaty, insurance of goods and/or any other service that may be required to achieve the best performance of the deal.

8. DELIVERY AND STORAGE

8.1 - LOTS DELIVERY

The Buyer, after having paid all the sums due, must collect the lot/s acquired

within fifteen working days of the Auction date, at his/her own risk and

expense, in full consideration of the opening hours of ART AUCTIONS. When collecting the lot/s, the Buyer must provide ART AUCTIONS with a valid document of identity. Should the Buyer request a third party to collect the lot/s already paid for, the latter should possess a written permission signed by the Buyer and a copy of the Buyer’’s document of identity. The lot/s will be given to the Buyer or to the third party only upon payment made in full. Buyers and Sellers expressly recognize to the Auction House the right to retain the lot/s until all sums due to ART AUCTIONS have been paid in full.

8.2 - STORAGE

Should the Buyer not collect the lot/s within the aforementioned deadline, ART AUCTIONS will store them at the sole risk and expense of the Buyer, in the premises for a further five working days. After this period, ART AUCTIONS will relocate the item/s (at the Buyer’s own risk and expense) to any warehouse deemed most appropriate. The Auction House will inform the Buyer of the place where the item/s are kept. It is clearly understood that in order to collect the object/s the Buyer will have to pay, in addition to the Hammer Price plus Buyer’s Premium etc, any refund due to subsequent expenses incurred by the Auction House.

If purchased lot/s are collected after the aforementioned deadline, the Auction House may debit the costs of storage (by month or part of a month) as follows:

• 100 euro + VAT for furniture

• 50 euro + VAT for paintings

• 25 euro + VAT for works of art and all other lots in general.

Storage costs for cars and motorcycles are specifically quoted in the relevant catalogues.

9. SHIPPING AND EXPORT

9.1 - SHIPPING OF LOTS

ART AUCTIONS team will be glad to ship lots purchased according to written instructions given by the Buyer, after full payment of the invoice. Shipping will be at the risk and expense of the Buyer who, by means of a written communication, will have to release ART AUCTIONS from any responsibility concerning this operation. Furthermore, our team is available for evaluations and advice in relation to the shipping methods employed and insurance of the lot/s.

9.2 - EXPORT

The Law Decree no. 42 of January 22nd 2004 regulates the export of cultural heritage and goods outside the Republic of Italy. The EU Regulation no. 3911/92 of December 9th 1992, as modified by EU Regulation no. 2469/96 of December 16th 1996 and by EU Regulation no. 974/01 of May 14th 2001, regulates the export of cultural heritage and goods outside the European Union. In order to export outside Italy cultural heritage and goods that are over 70 years old need an Export License that the Buyer has to procure for him/herself personally. ART AUCTIONS is not involved in the procurement of such permits and cannot therefore guarantee the relative issue of such permits. ART AUCTIONS, upon the request of the Buyer and at his name, may undertake the operations necessary for the granting of the Export License according to the following tariffs:

- Euro 200 + IVA for each single lot or the first lot of a total hammer price value of more than euro 5.000 for paperwork

- Euro 100 + IVA for each single lot or the first lot of a total hammer price value equal to euro 5.000 or less for paperwork

including form-filling, taxation stamps and photographic (colour) documentation. Should the above-mentioned authorisation not be granted the Buyer of the lot/s is not cancelled, neither is the payment of the lot/s, unless prior agreement with ART AUCTIONS was made before the Auction. With reference to the regulations contained in art. 8, 1st paragraph, letter B DPR

633/72. Buyers have to respect the following procedures should they wish

to take the lot/s outside the European Union and claim the VAT refund:

- completion of CUSTOMS forms/papers and transport outside the European Union within three months from the invoice date.

- sending within the same term of the original customs taxation stamp or equivalent document directly to ART AUCTIONS.

The above legislative indications refer to the regulations in force. It is the sole responsibility of the Buyer to inform itself about any legislative changes and/or inaccuracies. ART AUCTIONS assumes no responsibility in this respect.

9.3 - POSSIBLE RESTRICTIONS

Everybody has to respect the current Laws within the State where the Auction is held. In particular, ART AUCTIONS assumes no responsibility in relation to potential restrictions concerning the export of purchased items and/or in relation to licenses or permits that the Buyer might have to request on the basis of current Laws. The Buyer will not be able to request any refund either from the Seller or from ART AUCTIONS should the State exercise its right to pre-emption or any other right it may possess. The rights accrued in relation to a sale that should be cancelled due to the denial of authorization to export due to different opinions between the cultural authorities concerned are, nevertheless, to be paid by the Seller to Art Auctions, even if the permission was not given because the Seller did not previously inform ART AUCTIONS of the existence of authorization (for export) given by the relevant authority upon the request of the Seller him/herself.

10. CLAIMS

In the event of claims proving to be well-founded and accepted by ART AUCTIONS subsequent to the sale of false items, the Auction House may, at its own discretion, declare the sale null and void and, where a request is made in the manner and within the limits of the law, reveal the name of the Seller to the Buyer. The Buyer may make use of this Article only and exclusively in the case that s/he has notified ART AUCTIONS – according to Articles 137 and following in the Code of Civil Procedure – of the claim in question with the relative proof within fifteen days of the Auction date. In any case, subsequent to an accepted claim the Buyer has the right to receive exclusively what was paid for the disputed lot/s without any addition of interests or other sums for any other reason.

11. ACCEPTANCE OF THE CONDITIONS OF SALE

The current General Conditions of Sale are accepted automatically upon signing the form (see 3.2) and by all those individuals who take part in the Auction. The aforementioned General Conditions of Sale are at the disposal of anyone who requests to see them. Any case of controversy is within the jurisdiction of the Genoa Law Courts.

12. PRIVACY

Privacy Law (Legislative Decree 196/03 including all subsequent amendments and supplements by GDPR 2016/679). Data Controller: ART AUCTIONS S.r.l. with headquarters in GENOA, via Albaro 11. The Customer may exercise his/her rights according to Legislative Decree 196/03 (access, correction, cancellation, opposition etc), by contacting ART AUCTIONS S.r.l.

GARANZIA DI RISERVATEZZA according to Article 25 of Legislative Decree 196/03. The data are processed in an automated form for the sole purpose of providing the above-mentioned service or any further service related to the Auction House, with the methods strictly necessary for the purpose. The supply of data is optional: in default of which, ART AUCTIONS will not be able to perform the service required. The data will not be disclosed. Participation in an Auction allows ART AUCTIONS to send subsequent catalogues of other Auctions.