A PAIR OF COLOURED DIAMOND AND DIAMOND EARRINGS Of dome-shape design, pavé-set with brilliant-cut diamonds of blue hue and colourless diamonds, set in parallel lines, mounted in gold, maker’s mark, length 2cm

GENERAL TERMS & CONDITIONS OF BUSINESS

The Auctioneer carries on business on the following terms and conditions and on such other terms or conditions as

may be expressly agreed with the

Auctioneer or set out in any relevant Catalogue. Conditions 12-21 relate mainly to buyers and conditions 22-32

relate mainly to sellers. Words and phrases with special meanings are defined in condition 1. Buyers and sellers are

requested to read carefully the Cataloguing Practice and Catalogue Explanation contained in condition 2.

DEFINITIONS

1. In these conditions the following words and expres-

sions shall have the following meanings:

Auctioneer - James Adam and Sons trading as Adam’s.

Auctioneer’s Commission - The commission payable to

the Auctioneer by the buyer and seller as specified in

conditions 13 and 25.

Catalogue - Any advertisement, brochure, estimate, price

or other publication.

Forgery - A Lot which was made with the intention of de-

ceiving with regard to authorship, culture, source, origin,

date, age or period and which is not shown to be such in

the description therefore in the Catalogue and the market

value for which at the date of the auction was substan-

tially less than it would have been had the Lot been in

accordance with the Catalogue description.

Hammer Price - The price at which a Lot is knocked down

by the Auctioneer to the buyer.

Lot - Any item which is deposited with the Auctioneer with

a view to its sale at auction and, in particular, the item or

items described against any Lot number in any Catalogue.

Proceeds of Sale - The net amount due to the seller being

the Hammer Price of the Lot after deducting the Auction-

eer’s Commission thereon under condition 25 the seller’s

contribution towards insurance under condition 26, such

VAT as is chargeable and any other amounts due by the

seller to the Auctioneer in whatever capacity howsoever

arising.

Registration Form or Register - The registration form (or,

in the case of persons who have previously attended at

auctions held by the Auctioneer and completed regis-

tration forms, the register maintained by the Auctioneer

which is compiled from such registration forms) to be

completed and signed by each prospective buyer or,

where the Auctioneer has acknowledged pursuant to

condition 12 that a bidder is acting as agent on behalf of a

named principal, each such bidder prior to the com-

mencement of an auction.

Sale Order Form - The sale order form to be completed

and signed by each seller prior to the commencement of

an auction.

Total Amount Due - The Hammer Price of the Lot sold, the

Auctioneer’s Commission due thereon under condition

13, such VAT as is chargeable and any additional interest,

expenses or charges due hereunder.

V.A.T. - Value Added Tax.

Cataloguing Practice & Catalogue Explanations

2. Terms used in Catalogues have the following meanings

and the Cataloguing Practice is as follows:

The first name or names and surname of the artist - In the

opinion of the Auctioneer a work by the artist.

The initials of the first name(s) and the surname of the

artist - In the opinion of the Auctioneer a work of the

period of the artist and which may be in whole or in part

the work of the artist.

The surname only of the artist - In the opinion of the

Auctioneer a work of the school or by one of the follow-

ers of the artist or in his style.

The surname of the artist preceded by ‘after’ - In the

opinion of the Auctioneer a copy of the work of the

artist.

Signed/Dated/Inscribed - In the opinion of tile Auction-

eer the work has been signed/dated/inscribed by the

artist.

With Signature/With date/With inscription’- In the opin-

ion of the Auctioneer the work has been signed/dated/

inscribed by a person other than the artist.

Attributed to - In the opinion of the Auctioneer, proba-

bly a work of the artist.

Studio of/Workshop of - In the opinion of the Auction-

eer a work executed in the studio of the artist and

possibly under his supervision.

Circle of - In the opinion of the Auctioneer a work of the

period of the artist and showing his influence.

Follower of - In the opinion of the Auctioneer a work

executed in the artist’s style yet not necessarily by a

pupil.

Manner of - in the opinion of the Auctioneer a work

executed in artist’s style but of a later date.

GENERAL CONDITIONS

Auctioneer Acting as Agent

3. The Auctioneer is selling as agent for the seller

unless it is specifically stated to the contrary. The

Auctioneer as agent for the seller is not responsible for

any default by the seller or the buyer. The auctioneer

reserves the right to bid on behalf of the seller.

Auctioneer Bidding on behalf of Buyer

4. It is suggested that the interests of prospective

buyers are best protected and served by the buyers

attending at an auction. However, the Auctioneer will,

if instructed, execute bids on behalf of a prospective

buyer. Neither the Auctioneer nor its employees, ser-

vants or agents shall be responsible for any neglect or

default in executing bids or failing to execute bids.

Admission to Auctions

5. The Auctioneer shall have the right exercisable in its

absolute discretion to refuse admission to its premises

or attendance at its auctions by any person.

Acceptance of Bids

6. The Auctioneer shall have the right exercisable in its

absolute discretion to refuse any bids, advance the bid-

ding in any manner it may decide, withdraw or divide

any Lot, combine any two or more Lots and, in the case

of a dispute, to put any Lot up for auction again.

Indemnities

7. Any indemnity given under these conditions shall

extend to all actions, proceedings, claims, demands,

costs and expenses whatever and howsoever incurred

GENERAL TERMS & CONDITIONS OF BUSINESS

The Auctioneer carries on business on the following terms and conditions and on such other terms or conditions as

may be expressly agreed with the

Auctioneer or set out in any relevant Catalogue. Conditions 12-21 relate mainly to buyers and conditions 22-32

relate mainly to sellers. Words and phrases with special meanings are defined in condition 1. Buyers and sellers are

requested to read carefully the Cataloguing Practice and Catalogue Explanation contained in condition 2.or suffered by the person entitled to the benefit of the

indemnity and the Auctioneer declares itself to be a

trustee of the benefit of every such indemnity for its

employees, servants or agents to the extent that such

indemnity is expressed to be for their benefit.

Representations in Catalogues

8. Representations or statements made by the Auction-

eer in any Catalogue as to contribution, authorship,

genuineness, source, origin, date, age, provenance,

condition or estimated selling price or value is a

statement of opinion only. Neither the Auctioneer nor

its employees, servants or agents shall be responsible

for the accuracy of any such opinions. Every person

interested in a Lot must exercise and rely on their own

judgment and opinion as to such matters.

9. The headings of the conditions herein contained

are inserted for convenience of reference only and are

not intended to be part of, or to effect, the meaning or

interpretation thereof.

Governing Law

10. These conditions shall be governed by and con-

strued in accordance with Irish Law.

Notices

11. Any notice or other communication required to

be given by the Auctioneer hereunder to a buyer or a

seller shall, where required, be in writing and shall be

sufficiently given if delivered by hand or sent by post

to, in the case of the buyer, the address of the buyer

specified in the Registration Form or Register, and in

the case of the seller, the address of the seller specified

in the Sale Order Form or to such other address as the

buyer or seller (as appropriate) may notify the Auction-

eer in writing. Every notice or communication given in

accordance with this condition shall be deemed to have

been received if delivered by hand on the day and time

of delivery and if delivered by post three (3) business

days after posting.

CONDITIONS WHICH MAINLY CONCERN THE BUYER

The Buyer

12. The buyer shall be the highest bidder acceptable

to the Auctioneer who buys at the Hammer Price. Any

dispute which may arise with regard to bidding or the

acceptance of bids shall be settled by the Auctioneer.

Every bidder shall be deemed to act as principal unless

the Auctioneer has prior to the auction, acknowledged

in writing that a bidder is acting as agent on behalf of a

named principal.

The Commission

13. The buyer shall pay the Auctioneer a commission at

the rate of 20% of the Hammer Price, exclusive of VAT

at the applicable rate on all individual lots.

Payment

14. Unless credit terms have been agreed with the

Auctioneer before the auction the buyer of a Lot shall

pay to the Auctioneer within one (2) days from the date

of the auction the Total Amount Due. Notwithstanding

this, the Auctioneer may, in its sole discretion, require a

buyer to pay a deposit of 25% of the Total Amount Due

at the conclusion of the auction.

The Auctioneer may apply any payments received by

a buyer towards any sums owing from that buyer to

the Auctioneer on any account whatever regardless of

any directions of the buyer or his agent in that regard

whether express or implied.

The Auctioneer shall only accept payment from success-

ful bidders in cash, draft in Euro or by the bidder’s own

cheque drawn on an Irish bank account vouched to the

satisfaction of the Auctioneer. Cheques drawn by third

parties, whether in the Auctioneer’s favour or requiring

endorsement, shall not be accepted. We also accept

payment by credit card, Visa & Mastercard subject to a

administration charge of 2% of the total amount due.

American Expess 3.65% administration charge. We also

accept debit card payments by way of Laser, with no

surcharge, however the cardholder in person can only

make the payment.

Reservation of Title

15. Notwithstanding delivery or passing of risk to the

buyer the ownership of a Lot shall not pass to the buyer

until he has paid to the Auctioneer the Total Amount

Due.

Collection of Purchases

16. The buyer shall at his own expense collect the

Lot purchased not later than seven (2) days after the

date of the auction but (unless credit terms have been

agreed with the Auctioneer pursuant to condition 14)

not before payment to the

Auctioneer of the Total Amount Due.

The buyer shall be responsible for any removal, storage

and insurance charges in respect of any Lot which is not

taken away within seven (2) days after the date of the

auction.

The purchased Lot shall be at the buyer’s risk in all

respects from the earlier of the time of collection or the

expiry of (2) days from the date of the auction. Neither

the Auctioneer nor its employees, servants or agents

shall thereafter be liable for any loss or damage of any

kind howsoever caused while a purchased Lot remains

in its custody or control after such time

Packaging and Handling of Purchased Lots

17. Purchased Lots may be packed and handled by the

Auctioneer, its employees, servants or agents. Where

this is done it is undertaken solely as a courtesy to

buyers and at the discretion of the Auctioneer. Under

no circumstances shall the Auctioneer, its employees,

servants or agents be liable for damage of any kind and

howsoever caused to glass or frames nor shall the Auc-

tioneer be liable for the errors or omissions of, or for

any damage caused by, any packers or shippers which

the Auctioneer has recommended.

Non-Payment or Failure to Collect Purchased Lots

18. If a buyer fails to pay for and/or collect any pur-

chased Lot by the dates herein specified for payment

and collection the Auctioneer shall, in its absolute

discretion and without prejudice to any other rightsor remedies it may have, be entitled to exercise one

or more of the following rights or remedies without

further notice to the buyer:

(a) To issue court proceedings for damages for breach

of contract;

(b) To rescind the sale of that Lot or any other Lots sold

to the buyer whether at that or at any other auction;

(c) To resell the Lot or cause it to be resold whether by

public auction or private sale. In the event that there is

a deficiency between the Total Amount Due by the buy-

er and the amount received by the Auctioneer on such

resale after deduction of any necessary expenses the

difference shall be paid to the Auctioneer by the buyer.

Any surplus arising shall belong to the seller;

(d) To store (whether at the Auctioneer’s premises or

elsewhere) and insure the purchased Lot at the expense

of the buyer;

(e) To charge interest on the Total Amount Due at the

rate of 2% over and above the base rate from time

to time of Bank of Ireland or if there be no such rate,

the nearest equivalent thereto as determined by the

Auctioneer in its absolute discretion from the date on

which payment is due hereunder to the date of actual

payment;

(f) To retain that Lot or any other Lot purchased by the

buyer whether

at the same or any other auction and release same to

the buyer only after payment to the Auctioneer of the

Total Amount Due;

(g) To apply any sums which the Auctioneer received in

respect of Lots being sold by the buyer towards settle-

ment of the Total Amount Due.

(h) To exercise a lien on any property of the buyer in the

possession of the Auctioneer or whatever reason.

Liability of Auctioneer and Seller

19. Prior to auction ample opportunity is given for the

inspection of the Lots on sale and each buyer by mak-

ing a bid acknowledges that he has, by exercising and

relying on his own judgment, satisfied himself as to the

physical condition, age and Catalogue description of

each Lot (including but not restricted to whether the

Lot is damaged or has been repaired or restored). All

Lots are sold with all faults and imperfections and er-

rors of description. None of the seller, the Auctioneer

nor any of their employees, servants or agents shall

be responsible for any error of description or for the

condition or authenticity of any Lot. No warranty what-

soever is given by the seller or Auctioneer or by any of

their employees, servants or agents in respect of any

Lot and any condition or warranty express, or implied

by statute or otherwise is hereby specifically excluded.

Forgeries

20. Any amount paid by a buyer in respect of a Lot

which, if it is proved within three (3) years of the date

of the auction at which it was purchased, to have been

a Forgery shall be refunded to the seller subject to the

provisions hereof, provided that:

(a) The Lot has been returned by the buyer to the Auc-

tioneer within three (3) years of the date of the auction

in the same condition in which it was at the time of the

auction together with evidence proving that it is a Forg-

ery, the number of the Lot and the date of the auction

at which it was purchased;

(b) The Auctioneer is satisfied that the Lot is a Forgery

and that the buyer has and is able to transfer good and

marketable title to the Lot free from any third party

claims;

FURTHER PROVIDED THAT the buyer shall have no

rights hereunder if:

(i) The description of the Lot in the Catalogue at the

time of the auction was in accordance with the then

generally accepted opinion of scholars or experts or

fairly indicated that there was a conflict of such opinion;

(ii) The only method of establishing at the time of the

auction in question that the Lot was a Forgery would

have been by means of scientific processes which were

not generally accepted for use until after the date of

the auction or which were unreasonably expensive or

impractical.

The buyer’s sole entitlement under this condition is to

a refund of the actual amount paid by him in respect of

the Lot. Under no circumstances shall the Auctioneer

be liable for any damage, loss (including consequen-

tial, indirect or economic loss) or expense suffered

or incurred by the buyer by reason of the Lot being a

Forgery.

The benefit of this condition shall be solely and exclu-

sively for the buyer and shall not be assignable. The

buyer shall for the purpose of this condition be the

person to whom the original invoice in respect of the

sale of the Lot is made.

Photographs

21. The buyer authorises the Auctioneer at any time

to make use of any photographs or illustrations of the

Lot purchased by the buyer for such purposes as the

Auctioneer may require.

22. New VAT Regulations

22a) All lots are sold within the Auctioneer’s VAT margin

scheme. Revenue Regulations require that the buyers

premium must be invoiced at a rate which is inclusive of

VAT. This VAT is not recoverable by any VAT registered

buyer.

CONDITIONS WHICH MAINLY CONCERN THE SELLER

Auctioneer’s Discretion

23. With regard to the sale of any Lot the Auctioneershall have the following powers exercisable solely in the

discretion of the Auctioneer:

(i) To decide whether to offer any Lot for sale or not;

(ii) To decide whether a particular Lot is suitable for

sale by the Auctioneer and, if so, to determine which

auction, the place and date of sale,

the conditions of sale and the manner in which such

sale should be conducted;

(iii) To determine the description of any Lot in a Cata-

logue.

(iv) To decide whether the views of any expert shall be

obtained and to submit Lots for examination by any

such experts.

(v) To determine what illustration of a Lot (if any) is to

be included in the Catalogue.

Seller’s Warranty and Indemnity

24. The seller warrants to the Auctioneer and to the

buyer that he is the true owner of the Lot or is legally

authorised to sell the Lot on behalf of the true owner

and can transfer good and marketable title to the Lot

free from any third party claims. As regards Lots not

held by the Auctioneer on its premises or under its

control the seller warrants and undertakes to the Auc-

tioneer and the buyer that the Lot will be available and

in a deliverable state on demand by the Auctioneer or

buyer. The seller shall indemnify the Auctioneer and the

buyer or any of their respective employees, servants

or agents against any loss or damage suffered by any

of them in consequence of any breach of the above

warranties or undertakings by the seller.

Reserves

25. Subject to the Auctioneer’s discretion, the seller

shall be entitled prior to the auction to place a reserve

on any Lot. All reserves must be agreed in advance by

the Auctioneer and entered on the Sale Order Form or

subsequently be confirmed in writing to the Auction-

eer prior to auction. This also applies to changes in

reserves. A reserve may not be placed upon any Lots

under €150 in value. The reserve shall be the minimum

Hammer Price at which the Lot may be sold by the Auc-

tioneer. A reserve once in place may only be changed

with the consent of the Auctioneer. A commission shall

be charged on the ‘knock-down’ bid for Lots which fail

to reach the reserve price. Such commission shall be 5%

of the ‘knock-down’ bid. This commission and any VAT

payable thereon must be paid before removal of the Lot

after the auction. The minimum commission hereunder

shall be €50. The Auctioneer may in its sole discretion

sell a Lot at a Hammer Price below the reserve thereon

but in such case the Proceeds of Sale to which the

seller shall be entitled shall be the same as they would

have been had the sale been at the reverse. Unless a

reserve has been placed on a Lot in accordance with

the provisions set out above such Lot shall be put up

for sale without reserve. In the event that any reserve

price is not reached at auction then for so long as the

Lot remains with the Auctioneer and to the extent that

the Lot has not been re-entered in another auction

pursuant to condition 31 the seller authorises the

Auctioneer to sell the Lot by private treaty at not less

than the reserve price. The Auctioneer shall ensure that

in such a case those conditions herein which concern

mainly the buyer shall, with any necessary modification,

apply to such sale.

Commission

26. The Seller shall pay the Auctioneer commission at

the rate of 10% on the Hammer Price of all Lots sold on

behalf of the seller at Irish Art Sales and 17.5% on all

other Sales together with VAT thereon at the applicable

rate. Minimum charges are detailed below. The seller

authorises the Auctioneer to deduct from the Hammer

Price paid by the buyer the Auctioneer’s Commission

under this condition; VAT payable at the applicable

rates and any other amounts due by the seller to the

Auctioneer in whatever capacity howsoever arising. The

seller agrees that the Auctioneer may also receive com-

mission from the buyer pursuant to condition 13.

Minimum Charges: Each individual lot is subject to a

minimum fee of €3.00 plus VAT, with a minimum charge

per account of €50.00 plus VAT.

Insurance

27. Unless otherwise instructed by the seller, all Lots

(with the exception of motor vehicles) deposited with

the Auctioneer or put under its control for sale shall

automatically be insured by the Auctioneer under the

Auctioneer’s own fine arts policy for such sum as the

Auctioneer shall from time to time in its absolute dis-

cretion determine. The seller shall pay the Auctioneer a

contribution towards such insurance at the rate of 1.5%

of the Hammer Price plus VAT. If the seller instructs the

Auctioneer not to insure a Lot then the Lot shall at all

times remain at the risk of the seller who undertakes

to indemnify the Auctioneer and hold the Auctioneer

harmless against any and all claims made or proceed-

ings brought against the Auctioneer of whatever nature

and howsoever and wheresoever occurring for loss or

damage to the Lot. The sum for which a Lot is covered

for insurance under this condition shall not constitute

and shall not be relied upon by the seller as a represen-

tation, warranty or guarantee as to the value of the Lot

or that the Lot will, if sold by the Auctioneer, be sold for

such amount. Such insurance shall subsist until such

time as the Lot is paid for and collected by the buyer

or, in the case of Lots sold which are not paid for or

collected by the buyer by the due date hereunder for

payment or collection such due date or, in the case of

Lots which are not sold, on the expiry of seven (7) days

from the date on which the Auctioneer has notified the

seller to collect the Lots.

Illustration Charges:

27a. Catalogue illustrations are included at the dis-

cretion of the Auctioneer. Illustration charges will be

calculated on the particular category of sale. These

charges are subject to change. Irish art sale illustrations:

€150.00 full page, €100.00 half page, €50 all other sizes.

Fine art illustrations: Scaled fee €100.00 for lots sold

for €3,000.00 hammer price & over, €50.00 for lots sold

under €3000.00 hammer price. Contemporary pictureillustrations: €25.00 per illustration. All lots illustrated

and not sold are charged at €25.00 per illustration.

Recision of Sale

28. If before the Auctioneer has paid the Proceeds of

Sale to the seller the buyer proves to the satisfaction

of the Auctioneer that the Lot sold is a Forgery and the

requirements of condition 20 are satisfied the Auction-

eer shall rescind the sale and refund to the buyer any

amount paid to the Auctioneer by the buyer in respect

of the Lot.

Payment of Proceeds of Sale

29. The Auctioneer shall remit the Proceeds of Sale to

the seller not later than thirty (30) days after the date

of the auction, provided however that, if by that date,

the Auctioneer has not received the Total Amount Due

from the buyer then the Auctioneer shall remit the

Proceeds of Sale within seven (7) working days after the

date on which the Total Amount Due is received from

the buyer. If credit terms have been agreed between

the Auctioneer and the buyer the Auctioneer shall remit

to the seller the Proceeds of Sale not later than thirty

(30) days after the date of the auction unless otherwise

agreed by the seller. If before the Total Amount Due

is paid by the buyer the Auctioneer pays the seller an

amount equal to the Proceeds of Sale then title to the

Lot shall pass to the Auctioneer. If the buyer fails to pay

the Auctioneer the Total Amount Due within fourteen

(14) days after the date of the auction, the Auctioneer

shall endeavor to notify the seller and take the seller’s

instructions on the course of action to be taken and, to

the extent that it is in the sole opinion of the Auctioneer

feasible, shall endeavor to assist the seller to recover

the Total Amount Due from the buyer provided that

nothing herein shall oblige the Auctioneer to issue

proceedings against the buyer in the Auctioneer’s own

name. If circumstances do not permit the Auctioneer to

take instructions from the seller or, if after notifying the

seller, it does not receive instructions within seven (7)

days, the Auctioneer reserves the right, and is hereby

authorised by the seller at the seller’s expense, to agree

special terms for payments of the Total Amount Due, to

remove, store and insure the Lot sold, to settle claims

made by or against the buyer on such terms as the

Auctioneer shall in its absolute discretion think fit, to

take such steps as are necessary to collect monies due

by the buyer to the seller and, if necessary, to rescind

the sale and refund money to the buyer.

Payment of Proceeds to Overseas Sellers

30. If the seller resides outside Ireland the Proceeds of

Sale shall be paid to such seller in Euro unless it was

agreed with the seller prior to the auction that the Pro-

ceeds of Sale would be paid in a currency (other than

Euro) specified by the seller in which case the Proceeds

of Sale shall be paid by the Auctioneer to the seller in

such specified currency (provided that that currency

is legally available to the Auctioneer in the amount

required) calculated at the rate of exchange quoted to

the Auctioneer by its bankers on the date of payment.

All payment instructions must be in writing.

Charges for Withdrawn Lots

31. Once catalogued. Lots withdrawn from sale before

proofing/publication of Catalogue will be subject to

commission of 5% of the Auctioneer’s latest estimate

of the auction price of the Lot withdrawn together

with VAT thereon and any expenses incurred by the

Auctioneer in relation to the Lot. If Lots are withdrawn

after proofing or publication of Catalogue they will be

subject to a commission of 10% of the Auctioneer’s

latest estimate of the auction price of the Lot withdrawn

together with VAT thereon and any expenses incurred

by the Auctioneer in relation to the Lot. All commission

hereunder must be paid for before Lots withdrawn may

be removed.

Unsold Lots

32. Where any Lot fails to sell at auction the Auctioneer

shall notify the seller accordingly and (in the absence of

agreement between the seller

and the Auctioneer to the contrary) such Lot may, in

the absolute discretion of the Auctioneer, be re-entered

in the next suitable auction unless instructions are

received from the seller to the contrary, otherwise such

Lots must be collected at the seller’s expense within the

period of thirty (30) days of such notification from the

Auctioneer. Upon the expiry of such period the Auction-

eer shall have the right to sell such Lots by public auc-

tion or private sale and on such terms as the Auctioneer

in its sole discretion may think fit. The Auctioneer shall

be entitled to deduct from the price received for such

Lots any sums owing to the Auctioneer in respect of

such Lots including without limitation removal, storage

and insurance expenses, any commission and expenses

due in respect of the prior auction and commission

and expenses in respect of the subsequent auction

together with all reasonable expenses before remitting

the balance to the seller. If the seller cannot be traced

the balance shall be placed in a bank account in the

name of the Auctioneer for the seller. Any deficit arising

shall be due from the seller to the Auctioneer. Any Lots

returned at the seller’s request shall be returned at the

seller’s risk and expense and will not be insured in tran-

sit unless the Auctioneer is so instructed by the seller.

Auctioneer’s Right to Photographs and Illustrations

33. The seller authorises the Auctioneer to photograph

and illustrate any Lot placed with if for sale and further

authorises the Auctioneer to use such photographs and

illustrations and any photographs and illustrations pro-

vided by the seller at any time in its absolute discretion

(whether or not in connection with the auction).

VAT

34. It is presumed unless stated to the contrary, that

the items listed herein are auction scheme goods as

defined in the Finance Act 1995.

Artist’s Resale Rights (Droit de Suite)

35. Government Regulations (S.1. 312/2006), under this

legislation a royalty (Droit de Suite) is payable to living

artists and the estates of deceased artists within 70

years from their date of death, of E.U. Nationality on allworks resold for €3,000 or more, other than sold by the

artist or the artist’s agent. The resale royalty payable is

calculated as follows

From €3,000 to €50,000 4%

From €50,000.01 to €200,000 3%

From €200,000.01 to €350,000 1%

From €350,000.01 to €500,000 0.5%

Exceeding €500,000 0.25%

The total amount of royalty payable on any individual

sale shall not exceed €12,500. The seller is liable for

payment (paragraph 7.1 of Government Regulations

(S.1. 312/2006) of this royalty on completion of the sale.

The artist may request from the Auctioneer any infor-

mation necessary to secure payment. Unless otherwise

directed by the vendor, the Auctioneer will automati-

cally deduct the amount due from the proceeds of sale

and will hold in trust for the artist or their representa-

tive the said sum.