Untitled Pencil on paper Signed and dated 1948 Dedicated to Professor Doctor Eduardo Coelho 34x26,5 cm

INTRODUCTION

Perihasta, Lda, a company limited by shares, hereinafter called "VERITAS" or "the auctioneer", conditions its activity to the terms and conditions described on the articles below, and to any

other specific conditions, adequately expressed or made public. The presented conditions to buy or sell at an auction must be understood as a business system as a whole.

GLOSSARY AND FREQUENTLY USED CONCEPTS

For these terms and conditions, as well as for all VERITAS' communications:

Portfolio - Any and every publicity, brochure, pricelist, or publication by VERITAS.

Piece(s), Goods, or Lot(s) - Any articles or objects marketed by VERITAS, which can be

original works of art, or not.

Original Work of Art - Defined according to the article 54, No. 2, on the Code of Copyright

and Related Rights, as any graphic or plastic work, such as a painting, collage, painting,

drawing, silkscreen, engraving, print, lithography, sculpture, tapestry, ceramic, glass, and

photography, executed by the author or copies that are considered original works of art, in

which case they must be numbered, signed or in any other way authorized by the author.

Bid - Offer a certain price for a specific lot at an auction.

Hammer Price - The price at which the merchandise is knocked down to the final bidder.

Prospective Buyer - Any person of legal majority registered at the auction who can him/

herself or via a representative, according to these terms and conditions, bid for the lots

showcased at the auction.

Buyer - Any person of legal majority and registered at the auction that places or has a representative

place the highest bid, and to whom the auctioneer grants the Hammer Price.

Purchase Commission - Commission regarding the piece(s) or lot(s) purchase, applied to

the hammer price, including VAT at the applicable rate in force, and paid by the buyer at

the applicable rate.

Vendor - Person or entity who celebrates a consignment agreement to sell and/or place

good at an auction.

Sales commission - Commission regarding the sales, to be deducted from the hammer

price, including VAT at the applicable rate in force, and supported by the vendor at the

applicable rate.

Applicable Rate - Corresponds to the rates that are applicable to the sales commission

and to the purchase commission, and that are adequately publicized or specified by VERITAS.

PURCHASE CONDITIONS AT AN AUCTION

ARTICLE 1 - REGISTRATION

a. In order to be considered a buyer or a potential buyer, the registration is necessary

before the auction starts and the bidding number is assigned. In order to register, the

potential buyer must be of legal majority and supply the information regarding his/her

civil and tax identification, as well as his/her address and phone number, and stating upon

registration that he/she knows and accepts the present terms and conditions.

b. VERITAS may require the presentation of a valid and original document for identification.

c. VERITAS considers that the potential buyer acts on his/her own behalf, except when as

a representative of a third party, in which case a valid power of attorney must be provided.

ARTICLE 2 - RIGHT OF ADMISSION

a. VERITAS reserves the right of admission, presence, or registration at their auctions, as

well as the right to ignore any bid that has not adequately complied to these terms and

conditions, namely in regards to payment obligations and picking up the goods bought

at previous auctions.

b. PA guarantee for the amount and method of payment can be requested at any time to

any potential buyer.

ARTICLE 3 - BIDDING AND BUYING

a. VERITAS considers that the best way to participate in an auction is for the potential

buyer to be physically present, except when the auction is held exclusively online. If this is

not possible, there are two alternatives available to participate in the auction:

i. Written bidding, without adversely affecting what is anticipated on the previous articles,

the auctioneer can bid on behalf and at the expense of the potential buyers who explicitly

request it on an adequate form that should be filled in according to the instructions there

listed, as long as this form is received at least 3(three) hours before the auction starts;

ii. Bidding by phone, which can be requested by the buyer, by previously indicating which

lots he/she wants to bid on the phone, as well as indicating the telephone number(s)

through which he/she can be contacted with a minimum of a 3(three) hour notice before

the auction starts. A phone bid implies that the buyer is committed to at least cover the

minimum estimate on the portfolio. If it is not possible, for any reason, to call the potential

buyer on the phone, VERITAS reserves the right to bid on his/her behalf for the minimum

value on the portfolio for that (those) specific lot(s).

b. The services mentioned on this article, specifically the written and phone bidding service,

are provided as a courtesy to potential buyers who cannot attend the auction, and

are as such classified and free of charge.

c. Despite what is mentioned above, VERITAS, as well as its employees, representatives,

or co-operators, must not be held accountable for any mistake, error, or failure that may

occur, even if it is their fault.

d. VERITAS cannot act on its own behalf as a buyer at an auction.

e. VERITAS considers a buyer to be the person who has registered or is adequately represented

by a third party, bids and buys for the highest bid, in which case the auctioneer

must decide with an utter discretionary power upon any doubt that arises during the auction,

and he/she can withdraw or put back in auction any lot.

f. In an exclusively held online auction, all registered bids made by online bidders are purchase

and sale contracts and are considered final and binding. Should two bidders make

an equal maximum offer, only the first one received by VERITAS shall be valid.

ARTICLE 4 - RISING BIDS

a. With an utter and complete discretionary power, it is up to VERITAS to decide the

amount added between bids for each lot, though it must never exceed the previous bid by

more than 10%, nor can he/she accept a bid below €10.

b. The auctioneer has the right to refuse any bid that does not exceed the previous bid

in at least 5%.

c. In an exclusively held online auction, the increments required for each bid are indicated

in the bidding interface and lower bids will not be accepted.

ARTICLE 5 - CONDITION AND DESCRIPTION OF THE LOTS

The lots taken to auction will be bought where and in the condition they are in, and it is

the potential buyer's responsibility to analyse their condition during their public exhibition

on the days before the auction, as well as how accurate the description on the portfolio,

references to possible restorations, flaws, faults, and imperfections.

ARTICLE 6 - PAYMENT AND PICKING UP THE ACQUIRED LOTS

a. According to the price list at VERITAS, the buyer is committed to paying VERITAS, the

total amount due for buying the goods, i.e., the final bid amount, plus a 18% commission,

plus VAT according to the Special Arrangements for Sale by Public Auction.

b. The buyer is committed to pay as per the previous condition, and also to pick up the

goods up to 5(five) business days after the purchase takes place; a deposit of 30% may be

required upon purchase, if there is not a guarantee to cover it already.

c. Once these 5(five) business days are through, the auctioneer reserves the right to

charge interest at the legal rate for commercial transactions.

d. The lots purchased by the buyer can only be picked up once the total amount is paid

to the auctioneer.

ARTICLE 7 - OWNERSHIP OF THE PURCHASED GOODS OR LOTS

a. The ownership of the purchased good or lot is only transferred to the buyer once the

auctioneer is paid the total amount in cash, certified check, or bank transfer. In case the

payment is made with a non-certified check, the total amount is only considered paid for

once the check is credited, no matter if the good or lot is already with the buyer, or not.

b. While the ownership transfer conditions mentioned above are not verified, the lot remains

property of the seller.

ARTICLE 8 - PICK-UP AND TRANSPORTATION OF THE PURCHASED GOODS OR LOTS

a. Handling, packaging, picking up, and transportation of the purchased lot(s) are the

buyer's sole responsibility. As such, any support provided or mediated by VERITAS, their

employees, representatives, or cooperators, is a courtesy, with the permission of the

buyer, and under his utter and complete responsibility, and VERITAS must not be held

accountable for any sort of damage, even if it is the consequence of neglect.

b. 5(five) business days after the purchase, if the goods have not been picked up by the

buyer, he/she will be accountable for any loss or damage that may occur to it. The buyer

is also accountable for all the expenses of applicable removal, storage, and/or insurance.

c. In case the good is partially or completely paid for, but has not been picked up within

5(five) business days as mentioned above, and a loss or damage of the good occurs,

including theft or robbery, the buyer is only entitled to receiving the amount paid to date

for the good, and there is no place for a compensation or interest.

ARTICLE 9 - LACK OF PAYMENT OR MISSED COLLECTION OF GOODS OR LOTS ACQUIRED

a. If the buyer does not pay the total amount due to the auctioneer within 21 (twenty-one) days after the purchase, VERITAS may, at any time, demand compensation on its own behalf or on behalf of the vendor and without the buyer being able to claim any compensation or indemnity for this fact, exercise one or more of the following rights, as long as they are not incompatible:

i. Take legal action for the collection of the total amount due;

ii. Terminate the contract on the grounds of definitive non-performance, notifying the buyer of this fact, without prejudice to the provisions of paragraph c. below;

iii. Charge late payment interest at the legal rate over the amount due as of the 22nd (twenty-second) day until the date of full settlement of the amount due;

iv. Retain any goods sold to the buyer in default, in the auction in question or any other, making them available only and after total payment of the amount owed;

v. Take any type of measures that may be appropriate to obtain total or partial payment of the defaulting buyer's debt, such as withholding any goods, for any reason whatsoever, that are in VERITAS' possession;

vi. The above mentioned situations must be understood without harm of any other rights that VERITAS may have, including the right to claim interest and expenses on handling, packaging, removal, transportation, and insurance of the goods.

b. The defaulting buyer, who has not collected the acquired lot(s) even though they have paid for them, will be the only one responsible for all the costs related with handling, packaging, removal, transportation, storage, and insurance of the goods, and VERITAS can decide if the storage will be done in its own warehouses or in others.

c. In the case foreseen in sub-paragraph a. ii., VERITAS can make use of all the amounts delivered by the buyer as a down payment and/or principle of payment, without prejudice of the right to compensation for the exceeding damage, namely to reimburse costs and expenses incurred, payment of interests and commissions, among others, for which VERITAS reserves the right to take legal action for the collection of the total amount due.

ARTICLE 10 - PHOTOGRAPHY AND PUBLICATION COPYRIGHTS AFTER PURCHASE

The buyer hereby authorizes VERITAS to photograph, publish, publicize, and use on any

form and at any time, for commercial, cultural, academic, or other purposes, which may

or may not be related to the auction, the image and description of all the goods that were

acquired through VERITAS.

SALES TERMS AND CONDITIONS AT AN AUCTION

ARTICLE 11 - CONSIGNMENT AGREEMENT

The buyer and the auctioneer enter into a consignment contract to sell and/or to place

goods at an auction, which is signed by both parties and is hereinafter called "contract"

which includes:

a. Fiscal and civil identification of the vendor;

b. Summarized description and identification of the piece(s) to consign;

c. Commission due to the auctioneer;

d. The minimum value to be paid for the piece(s);

e. Rates regarding insurance, inventory and portfolio, and any other costs specifically

agreed upon by both parties regarding transportation, photographs, etc.

ARTICLE 12 - VENDOR'S GUARANTEES

a. The vendor guarantees the auctioneer and the buyer to be the legal owner or representative

of the goods consigned for.

b. The vendor guarantees that there are no third party claims regarding the ownership

rights of the consigned goods.

GENERAL TERMS AND CONDITIONS

INTRODUCTION

Perihasta, Lda, a company limited by shares, hereinafter called "VERITAS" or "the auctioneer", conditions its activity to the terms and conditions described on the articles below, and to any

other specific conditions, adequately expressed or made public. The presented conditions to buy or sell at an auction must be understood as a business system as a whole.

c. The vendor confirms that all the information provided to the auctioneer is correct regarding

the origin of the goods, and that no information was held regarding ownership,

authenticity, condition, attributes, or history of possible import or export.

d. The vendor guarantees that the good(s) is(are) fully paid for and that there are no

outstanding payments due, and is hereby committed to paying any rates to which he/she

is legally bound as a consequence of this transaction.

e. The vendor confirms that there are no restrictions regarding the exhibition, showcasing,

or reproduction of imagery for the consigned goods, except for specific exceptions.

f. The vendor is committed to compensate the auctioneer and the buyer, in case the above

mentioned guarantees are not observed, and the auctioneer reserves the right to immediately

terminate the consignment contract.

g. The vendor is hereby committed to deliver or make the consigned good(s) available for

VERITAS and the buyer as soon as and every time this is requested.

ARTICLE 13 - PREPARING THE SALE

a. The auctioneer reserves the right to decide on the description and depiction of each

piece to include it on the portfolio, and also reserves the right to promote and publicize

the sale on all the communication channels deemed to be adequate.

b. The vendor allows the auctioneer to use experts or external consultants to evaluate

the consigned piece(s).

c. The estimate presented by the auctioneer results from its evaluation considering the

current condition of the piece and of its context in the market to date, and it is subject to

an update of which the vendor should be informed of.

d. The contract concluded between VERITAS and the vendor can be altered or cancelled

by mutual agreement, however, VERITAS reserves the right to alter the description and

increase the minimum price to sell the goods in the contract, as well as to establish the

number of pieces per lot.

e. In case the contract is cancelled by the vendor, he/she must compensate the auctioneer,

for maintenance, evaluation, portfolio, and insurance costs, calculated as 17% of the

minimum price estimated for the consigned piece(s).

ARTICLE 14 - TRANSPORTATION AND DEPOSIT OF PIECES

The transportation and deposit of goods at the auctioneer's premises, as well as the pickup

and transportation in case they are not sold, are entirely the responsibility of the vendor,

except in situations that are agreed upon by both parties. As such, it is considered

that any support provided or mediated by VERITAS, its representatives, employees, or

cooperators, is carried out as a courtesy, with the exclusive permission and accountability

of the vendor.

ARTICLE 15 - ACCOUNTABILITY FOR LOSS OR DAMAGE

Any loss or damage, including theft or robbery, which happen to any of the consigned

goods while in possession of the vendor, before or after the contract is entered into, are of

the vendor's entire and sole responsibility, and the consequences are to be dealt with by

the vendor in case the terms and conditions on this document are not complied to, namely

in case there is a compensation for the auctioneer and/or buyer.

ARTICLE 16 - PAYMENT BY THE VENDOR TO THE AUCTIONEER

The vendor hereby authorizes VERITAS to:

a. Deduct the sales commission from the purchase amount according to what was previously

agreed upon on the contract between both parties, including the values correspondent

to VAT at the legal rate.

b. Deduct from the purchase amount any other rates and costs due by the buyer to the

auctioneer, including the values regarding VAT at the legal rate.

c. Receive commission due by the buyer according to the terms and conditions hereby

exposed.

ARTICLE 17 - PAYMENT BY THE AUCTIONEER TO THE VENDOR

a. Within 30 (thirty) days after the sale of the consigned goods and the successful payment of goods, the auctioneer commits to pay the vendor the amount of the sale, minus any commissions, fees, costs, and taxes due according to the contracted conditions.

b. In cases where, after the 21 (twenty-one) day period counted from the lot auction date, the auctioneer has not received the total sale amount from the buyer, the auctioneer must inform the vendor of the situation, and the parties may decide by mutual agreement to:

i. terminate the contract with the buyer;

ii. grant an additional and final deadline of 30 (thirty) days to the buyer for settling the amounts due (interest is due during this period), after which the contract will be considered automatically terminated if the buyer remains in default.

ARTICLE 18 - OTHER PAYMENTS

1. Original Works of Art

a. When a piece sold by VERITAS is an Original Work of Art, that is not architectural or a

work of applied art, according to article 54 of the Copyright and Associated Rights Code

(as per Law No.24/2006, June 30), the author or his/her heirs have the right to a tax-free

participation over the transaction value. According to this article, the payment for this

participation is of the entire responsibility of the vendor, and he/she is committed to

deliver that amount to the author or to his/her heirs.

b. In case the author, his/her heirs, or their valid representatives contact VERITAS regarding

the participation mentioned above, VERITAS will inform them of the identification and

contact information and terms under which the transaction was processed, so that the

author can exercise his/her legal rights with the vendor.

c. In case the author, his/her heirs, or valid representatives demand such payment from

VERITAS, before VERITAS has paid the vendor, the vendor hereby authorizes VERITAS to

deduct the liquid amount owed from the amount regarding compliance of such article.

d. The participation mentioned on the same article determines that this must never exceed

€12.500, and it is calculated as follows:

i. 4% of the purchase value, if this is between €3.000 and €50.000;

ii. 3% of the purchase value, if this is between €50.000,01 and €200.000;

iii. 1% of the purchase value , if this is between €200.000,01 and €350.000;

iv. 0,5% of the purchase value , if this is between €350.000,01 and €500.000;

v. 0,25% of the purchase value , if this is above €500.000,01.

2. Buyer's purchases

The buyer hereby authorizes VERITAS to deduct the net amount owed regarding the

amounts that he/she has to pay as a buyer, at any given time that he/she purchases at an

auction, according to the terms and conditions agreed upon.

ARTICLE 19 - GOODS NOT SOLD AT THE AUCTION

a. Save where otherwise expressly provided for by the vendor, the auctioneer reserves

the right to sell the goods for the minimum purchase value agreed with the vendor, plus

the auctioneer's commission and due taxes, within the 20(twenty) business days after the

auction is closed.

b. In the cases where, after the deadline stipulated above or another deadline agreed

upon by both parties, the sale of the piece(s) took place, the auctioneer must inform the

vendor of this situation in order to:

i. The vendor to pay VERITAS the amount stipulated on the contract entered into by

both parties;

ii. The vendor to pick up the piece(s) consigned within 5(five) business days after the information

is disclosed to the vendor. The vendor is accountable for any damage, including

theft or robbery, and must not hold VERITAS accountable once this deadline is complete.

After the deadline hereby set, all expenses (insurance, storage, handling, etc.) are of the

vendor's sole responsibility.

c. 90 (ninety) days after the vendor is informed that the goods have not been sold at

the auction, VERITAS can sell the goods without contemplating the minimum sale value

agreed upon by both parties, thus receiving the commissions, rates or costs stipulated on

the contract entered into by both parties, and is also allowed to deduct any other amounts

owed by the vendor to the auctioneer.

GENERAL AND FINAL PROVISIONS

ARTICLE 20 - IMAGERY DEPICTED ON THE PORTFOLIO

All imagery available in the catalogue should not replace the physical inspection and observation

of objects. VERITAS recommends the prospective buyer to check the conformity

of the piece in its original form and its particularities.

ARTICLE 21 - LOTS DESCRIPTION

a. Any depiction or description presented by VERITAS, on any portfolio, regarding its

authorship, attribute, authenticity, origin, date, age, place of provenance, condition, or

estimate for sale price, must be understood as a mere opinion based on VERITAS's current

knowledge of the pieces as well as the guarantees provided by the vendor.

b. All buyers or potential buyers must make their own value judgment, considering the

description, the condition(s) of the lots or pieces they are interested in.

c. Regarding the condition and description of the lots, the conditions listed on Article 5 of

these terms and conditions must also be considered.

ARTICLE 22 - COMMUNICATION

The communication from VERITAS to vendors, potential buyers, or owners must be made

via fax, email, telephone, or registered mail, and are considered as received until 48 hours

after they were sent.

ARTICLE 23 - PERSONAL DATA

a. The buyers and sellers ("data subjects") expressly acknowledge to VERITAS the right to

process their personal data, namely, identification data, contact data and bank account data.

b. The data processing is executed in order to comply with the negotiation terms and contract

obligations set forth in this contract.

c. VERITAS may transmit the personal data of data subjects to the authorities and public

and/or private entities, for compliance of legal obligations, including but not excluding,

the Tax Authority, the Directorate-General of Cultural Heritage, Judiciary Police and the

Portuguese Society of Authors.

d. The personal data is also shared - and to the extent strictly necessary - with the entities

that provide services to VERITAS and that, on the scope of those services, treat or may

treat personal data of data subjects.

e. The personal data of data subjects may be conserved by VERITAS for a conservation

period up to 10 (ten) years upon the termination of the contractual relationship, which

may be higher based on applicable legal obligations or eventual use in any judicial process.

f. In the terms of the applicable legislation on the matter of data protection, the following

rights are granted to data subjects concerning their personal data processing: (i) right to

access, (ii) erasure right, (iii) rectification right, (iv) data portability right, (v) processing

restriction right, (vi) opposition right and (vii) right to complain - i.e., the right to present

a complaint within the National Data Protection Commission (https://https://cnpd.pt).

g. The data subjects declare that they acknowledge VERITAS Privacy Policy available on

the following link https://veritas.art

ARTICLE 24 - JURISDICTION

The Court of Lisbon shall have exclusive jurisdiction over any disputes relating to the

terms and conditions mentioned above, and any other Court is hereby renounced to.