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General terms and conditions

CONDITIONS.

-DEFINITION

The Auction Room is a trading centre whose aim is the sale at a voluntary auction of the assets, works of art or any items of a similar nature entrusted to it for this purpose.

The Auction Room therefore acts as an intermediary between the owner and/or seller of each lot and the potential buyers.

II.-GENERAL TERMS AND CONDITIONS1.-GENERAL INFORMATION

The general information shown in our catalogues and advertisements is produced and monitored by our art graduates, after they have examined the items in question. In particular cases of jewellery, watches, icons, silver, etc., we will arrange for them to be examined by highly qualified experts in each field.

2.-DISPLAY

The items or works of art to be auctioned will be displayed at least ten days in advance of the auction in the premises of the Auction Room, to allow potential buyers to fully examine and identify them.

3.-CONDITION OF THE LOTS

The lots will be auctioned in the condition they are in at the time of auction, and the Auction Room shall not accept any claim for restorations, flaws, breakages, etc., even if these have not been noted in the catalogue. The aim of the lots being put on display is to allow them to be fully examined and studied.

4.-CATALOGUING OF LOTS

The Auction Room reserves the right to catalogue the lots, change them or subdivide them into several different lots, according to its prudent, expert opinion; it may also withdraw them on justified grounds.

5.-ACCEPTANCE OF ITEMS

Following a full examination of the items, a team of experts will establish an appropriate initial starting price in agreement with the seller or depositor.

6.-USAGE AND RULES

In its capacity as an intermediary, the Auction Room will carry out the auction of the items or works of art entrusted to it for this purpose according to the current applicable at any time, as well as the traditional trade usage for this type of transaction. Ansorena Auction Room, according to international custom, will only act as an intermediary, and shall not be responsible for the accuracy of any statements made as to the authorship, origin, date, age, source or condition of the lot, although it does warrant that a technical examination of the utmost accuracy has been undertaken. Nevertheless, the sale of a lot shall be cancelled and the price refunded to the buyer if the latter should notify Ansorena Auction Room in writing, within fifteen days after the auction has been held, that in his/her opinion the lot is a deliberate forgery, and shall be required to prove this in a verifiable manner.

7.-STARTING PRICE

The starting price of each item or work of art in the auction shall be determined in the catalogue. This shall constitute the minimum sale price, except in exceptional cases in which a reserve may be agreed with the seller/depositor.

8.-MINIMAL INCREMENT

The Auction Manager shall have the right to refuse any bid which does not exceed the previous bid by the amount applicable in each case.

9.-SALE TO THE HIGHEST BIDDER: DISAGREEMENTS

The lots shall be awarded to the highest bidder. In the event of a disagreement between two or more bidders, the Auction Room shall be authorised to carry out another auction in the same session or the immediately following session.

10.-INFORMATION AND ADVICE SERVICE

During the display period, the Auction Room offers the public an advice service made up of our experts, who will offer information on the state of repair, attributed authorship, market prices and any other information relating to the lots included in the catalogues for auction. The aforementioned advice services shall be offered according to the reasonable and prudent opinion of the Auction Room, but the latter shall not accept any responsibility for the content of the information provided.

11.-ASSESMENTS

The Auction Room has a department for the assessment of paintings, jewellery and works of art which provides written valuations for insurance policies, probate proceedings, property settlements and awards in lieu of debt payments, and makes these valuations according to the following rates: 1.5% on a total valuation up to €30,000 and 1% on a total valuation of more than €30,000

*For assessments below 10.000 €, the minimum rate for written valuations will be 300 €.

12.-SUBMISSION AND APPLICABLE LAW

In the event of a dispute between the parties arising from auction transactions, the depositor/ seller, the winning bidder or buyer and the Auction Room, waiving any other jurisdiction to which they might have resource, shall submit to the jurisdiction of the Courts of Madrid.

13.-VALUATIONS BY OTHER EXPERTS

If the depositor, seller or buyer presents the lot with a certificate issued by experts unconnected to the Auction Room, the resulting costs shall be borne by the former, and the Auction Room shall not accept any responsibility for errors in the description or authentication contained therein.

14.-SPECIFIC CONDITIONS WITH REGARD TO THE IDENTIFICATION OF THE WORKS OR ITEMS

The authorship and/or attribution of the works is based on the experience and best knowledge of the Auction Room and/or consultation with different experts on each author and/or school at the time the catalogue is written. ANSORENA S.A. accepts no liability for any future contradictory expert opinions

1) Joaquín Sorolla y Bastida (name and surname/s).-This means that, in our opinion, it is an authentic work by the aforementioned artist.

2) Initial or initials of the name and surname/s.- This means that, in our opinion, it is a work from the period of the aforementioned artist which may be wholly or in part his work.

3) Attributed to Joaquín Sorolla y Bastida.- This means that, in our opinion, it is probably a work by the aforementioned artist, but the existence of contradictory opinions on the part of well-known experts or authorities in the field has been taken into account.

4) Workshop of Joaquín Sorolla y Bastida.- This means that, in our opinion, it is a work produced by an unknown person in the workshop of the aforementioned artist, not necessarily under his direction.

5) Circle of Joaquín Sorolla y Bastida (name and surname/s).- This means that, in our opinion, it is a work produced by an unknown or unidentified painter apparently following the style of the aforementioned artist, although not necessarily his pupil.

6) 17th century Spanish school, (including date).- This means that, in our opinion, it is a work produced by a Spanish artist or an artist working in Spain in the 17th century or according to the norms of this period.

7) Spanish school (not including date).- This means that, in our opinion, it is a work produced following the style of a particular determined or unspecified Spanish artist, irrespective of the period or nationality of its author.

8) The term SIGNED means that, in our opinion, the signature is the authentic signature of the artist made with his knowledge.

9) The term BEARS SIGNATURE… means that, in our opinion, the signature has been written by a hand other than that of the aforementioned artist and without his knowledge.

10) The term DATED means that, in our opinion, the date has been written by the aforementioned artist.

11) The term BEARS DATE… means that the date has been added by a hand other than that of the artist. "In lots which indicate the existence of a certified study or publication issued by a specialist unconnected to this Auction Room, it is considered that the buyer accepts the validity of the document in question as a guarantee of authenticity".

III.-SELLERS CONDITIONS15.-NECESSARY DOCUMENTATION

Any persons wishing to sell their items must fill in with their personal details and sign the Sale Order form, declaring the owners or representatives of the items, acknowledging and accepting Ansorena's terms and conditions of contract, and providing the following documentation:

Private individuals: Full photocopy of ID document. Personal details.

Companies: Tax Identification Number and details of the company on company paper. ID document of the person authorised to bid on behalf of the company.

16.- OWNERSHIP OF THE DEPOSITED ITEMS:

The seller or person depositing the items on his/her behalf hereby warrants to Ansorena that he/she is the legitimate owner thereof and/or has been validly authorised by the owner to dispose of them free from any claims, charges or liens. Ansorena shall under no circumstances accept liability to third parties for any inaccuracy in the information provided with regard to ownership of the items. The Auction Room therefore assumes that the depositor/seller has the necessary legal capacity to enter into contract and the power to dispose of the items being auctioned.

17.- AUTHORITY OF THE DEPOSITED ITEMS

The assigner gives Ansorena full and absolute right to photograph and illustrate any lot which is going to be auctioned and to use such photographs at its absolute discretion.

18.-CATALOGUE COSTS

The costs of inclusion in the catalogue are as follows:

From 6 y 29 € 3€ From 30 to 149 € 6€ From 150 to 299 € 6€ From 300 to 599 € 9€ From 600 to 1.199 € 12€ From 1.200 to 2.999 € 18€ From 3.000 to 5.999 € 30€ From 10.000 to 19.999€ 90€ From 6.000 € and above 120€ 19.-INSURANCES

 The works of art shall be insured by Ansorena, and the corresponding cost of 0.50% shall be paid by the assignor.

For any items not sold at auction, the insurance will only remain in force for 15 days after the auction date, from which time Ansorena shall accept no liability for the items in question other than according to the provisions contained in point 25.

20.-WITHDRAWAL OF LOTS

 The lots included in our catalogues may not under any circumstances be withdrawn without Ansorena’s consent, and even if an agreement to remove them is reached the assignor shall pay 21% of the starting price.

21.- FEE

 Ansorena’s fee shall be agreed in each case, plus costs and insurance.

22.- PAYMENT

The Auction Room shall pay the seller the corresponding amount after making deductions for any commissions, costs or brokerage fees, as from 30 days after the date on which the auction is held, provided that the lot has previously been paid for by the buyer.

23.-ADMISSION OF ITEMS

The Room reserves the right to accept or refuse on reasonable grounds any items or lots offered to it for auction. Once the items in question have been accepted, and are delivered to it by the owner and/or seller, the Auction Room shall hold the items in trust and shall proceed with their authentication and valuation by qualified staff, as well as their restoration, framing and/or cleaning, all this as requested by the depositor.

The price of the aforementioned transactions or service shall be paid to Ansorena once it has been completed.

24.-ADVERTISING CAMPAIGN

 When requested by the owner, Ansorena may carry out an advertising campaign aimed at promoting the item or work of art to be auctioned. The prices of such a campaign shall be agreed accordingly and paid by the owner and/or seller.

25.- UNSOLD LOTS

If the lots are not sold at auction, once the stipulated fifteen days have elapsed the assignor shall either remove them from Ansorena’s premises or set a new auction starting price.

In the event of a breach of this rule, Ansorena may put the lot up for auction again at half price without the obligation to previously notify the assignor.

26.-LIQUIDATION

The Auction Room assumes that the depositor/seller has the legal capacity necessary to be legally bound in contract and the authority to dispose of the assets to be auctioned.

The depositor/seller authorises the Auction Room, if applicable, to deduct from the hammer price any costs incurred up to the time at which the auction takes place.

The aforementioned costs shall be paid to Ansorena in accordance with the rules stipulated in these General Terms and Conditions

27.-BUYER FAILS TO PAY

If 30 days after the auction, the buyer has not paid for the lot, Ansorena may cancel the transaction and return the lot to the assignor, or choose to take legal action for breach of contract, with the buyer bearing any costs which may be incurred.

28.- INTELLECTUAL PROPERTY

For works by authors which are subject to Act 3/2008, of 23 December, relating to the resale right for the benefit of an original work of art, the appropriate deduction shall be made when applicable and shall be borne by the seller.

IV.-BUYERS CONDITIONS29.- NECESSARY DOCUMENTATION.

The persons acquiring the items must fill in with their personal details and sign the bid or order form, in which Ansorena's terms and conditions of contract are accepted, and provide the following documentation:

Private individuals: Full photocopy of ID document. Personal details.

Companies: Tax Identification Number and details of the company on company paper. ID document of the person authorised to bid on behalf of the company.

30.- ITEM DISPLAY

During the display period, the buyer shall check for him/herself, before the auction, the state of repair and other conditions of the item he/she wishes to bid for, and no claims for restorations, flaws, etc., shall be accepted even if they have not been noted in the catalogue.

31.- AUCTION ROOM BID REPRESENTATION

The Auction Room shall bid on behalf of buyers who have made commission bids, following the bidding scale. The Auction Room shall sell the lot at the lowest possible price and not the highest bid received. If more than one commission bid should be received for the same lot and for the same amount, the lot shall be sold to the first bid received in date and time order, unless other bids exceed the aforementioned amount. If a bid made in the Auction Room is identical to a commission bid, preference will given to the latter. You will be sent written notification of your bid if it is successful.

32.-SPANISH STATE RIGHTS

The Spanish State reserves the rights of first refusal and repurchase over the lots which are auctioned. It may exercise the right of first refusal at the auction itself or the right of repurchase within the periods established by law.

33.-ADDITIONAL INFORMATION

The Auction Room may request references from those who intend to participate for the first time in an auction as bidders. The Auction Room may also require bank references or other kinds of guarantees from the winning bidder or buyer of one or several lots, whenever it deems it appropriate.

The winning bidder or buyer of a lot must complete a sale form, confirming the purchase and their consent to the auction conditions and filling in the particulars required by the Auction Room for this purpose.

The lots sold shall be paid for by the winning bidder or buyer within a maximum period of five business days from the auction date. With regard to any damage which may be caused to the items or works sold, once this five day period has elapsed any such damage shall be the sole responsibility of the winning bidder or buyer

34.- MIDDLEMAN COMMISSION

The amount payable by the winning bidder or buyer shall be increased by taxes of 22% including the fees charged by the Auction Room for its brokerage in the transaction. Any costs relating to advice, packaging, transport or storage of the items and works shall be paid to the Auction Room by the winning bidder or buyer independently.

35.-BIDDDING SCALE

 The bids are established according to the following scale:

From 50 to 99 € 5€ From 100 to 199 € 10€ From 200 to 499 € 20€ From 500 to 999 € 50€ From 1.000 to 1.999 �� 100€ From 2.000 to 4.999 € 200€ From 5.000 to 9.999 € 500€ From 10.000 to 19.999€ 1.000€ From 20.000 to 49.999€ 2.000€ From 50.000 to 99.999€ 5.000€ From 100.000 to 199.999€ 10.000€ From 200.000 to 499.999€ 20.000€ From 500.000 and above 50.000€ This shall not prevent the auctioneer from changing the bidding system in exceptional cases.

36.- METHOD OF PAYMENT AND REMOVAL OF THE ACQUIRED ITEMS

The acquired items shall be paid for by the winning bidder or buyer within a maximum period of 7 business days from the auction date. Once this 7 day period has elapsed, any damage which may be caused to the items or works sold shall be the sole responsibility of the winning bidder or buyer, unless it has been expressly agreed that specific insurance will be taken out through Ansorena.

Payment shall be made in euros by banker's draft or bank transfer, at no cost to Ansorena, to any of the following accounts:

BANCO SABADELL: IBAN ES32 0081 0658 1200 0118 9925

or

SANTANDER: IBAN ES58 0030 1001 3000 0982 4271.

If payment should be made in a currency other than the euro, and this has been accepted by Ansorena, the exchange rate on the day on which payment is made will be applied. If payment is made from overseas, it must be by bank transfer in euros and at no cost to Ansorena.

Cash will not be accepted for payments equal or over €1,000. As far as the amounts and accepted methods of payment are concerned, Ansorena shall be governed by the provisions of applicable legislation and, in particular, by Act 11/2021, of July 9th, or any other which may replace it.

37. EXPORT PERMITS AND LICENSES

The majority of the lots included in the auction require the express prior authorisation of the State Administration in order to leave Spanish territory. The client will be responsible for obtaining any such permits, and the fact that they are not granted or any delay in obtaining them shall not under any circumstances exempt the client from paying for the work.

The majority of the works are subject to the payment of export taxes, which shall be paid by the buyer. Any works sent to EU countries shall be exempt from the taxes in question.

The lots which have already been granted such authorisation, are exportable in accordance with Act 16/85 and its enabling legislation, or are covered by temporary import regulations are marked with an asterisk next to the lot number.

If authorisation is requested, the Auction Room hereby advises its clients that any such request shall for all purposes represent an irrevocable offer of sale in favour of the Spanish State.

V.- PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING ACT 10/210

Ansorena shall be bound to comply with the provisions of Act 10/2010 and, in particular, with regard to persons with public responsibility (in other words, those who hold or have held prominent public functions in Spanish state, regional or local government, senior management positions in trade union or business organisations of political parties and/or have a close family or business relationship with any of them). Acceptance by the buyer and/or seller of Ansorena's terms and conditions of contract represents an express declaration by the buyer and/or seller that he/she is not a person with public responsibility according to the provisions of the Act; if this is not the case, he/she shall be bound to provide Ansorena with verifiable notification in this regard.

VI.-DATA PROTECTION ACT

Ansorena, S.A with CIF A 78445889, and Mato Ansorena, S.A with CIF A78540721 both with address at C/Alcalá nº 52, 28014 of Madrid, telephone 915328515, email: [email protected] informs you that on behalf of the company we treat the information that you provide us in order to send you information by email related to our products and services and invite you to events organized by the company, information that has previously been requested by you.

The data provided will be kept for the entire business relationship with you, or while not requesting the cessation or withdrawal of the same. The data will not be transferred to third parties except in cases where there is a legal obligation. You have the right to obtain confirmation as to whether Ansorena, S.A and Mato Ansorena, S.A are dealing with your personal data, therefore you have the right to access your personal data, correct the inaccurate data or request its deletion when the data is no longer necessary for the data purposes that were collected.

Ansorena, S.A and Mato Ansorena, S.A informs you that it has adopted all technical and organizational security measures to guarantee the confidentiality, availability and integrity of your personal information in its information systems.

38. STORAGE AND FREIGHT CHARGES

The customer, both seller and buyer, must withdraw the lots within the periods indicated in these Terms and Conditions of Contract, (sections 25 and 36). 6 per day (VAT not included); these costs shall be accrued and settled at the time of withdrawal or sale of the goods.

Once this period has elapsed, the insurance policy referred to in point 19 shall be cancelled.

The collection of the furniture exhibited in the Alcalá 52 Room, may be made in the same during the 7 working days following the auction. After that, the withdrawal will be made in our warehouse.

Buyers must be responsible for the organization of the transport of the lots, in the event that they cannot pick them up personally, being the responsibility of the buyer the shipping costs of the same and their sole responsibility for the loss or damage that may occur during transport.

In this sense, we indicate that Ansorena does not intervene, in any way, in the shipping process of your purchased lots and is not responsible, therefore, for any damages that may arise from it. Consequently, the lots are at your disposal at the headquarters of this Auction House, at Calle Alcalá, Nº 52 or at our warehouse, (by appointment) so that you can agree with the transport company of your choice the conditions of shipment of the lots.

Likewise, we inform you that, if you so wish, you have the possibility to subscribe, with the transport company you have designated, an insurance contract whose purpose is to insure the contents of the shipment in the event of any loss occurring during the transport of the lots.

Notwithstanding the above, ANSORENA collaborates with companies specializing in the transport of works of art from which customers may request the transport of the lots purchased once payment has been made in full, at their own risk, without ANSORENA intervening in this contractual relationship, and may contact these companies at the following address:

Mail Boxes Etc 2980

MADRID Centro - C/Pizarro, 20

T: + 34 91 064 27 97

M: + 34 660 70 89 39

E: [email protected]

WORLD PACK-ART & SERVICES

c/ Joaquín Sorolla 31

Rivas Vaciamadrid

28522 Madrid

Tel: +34 91 301 12 22

E: [email protected]