Letter from London addressed to Mr. Thompson at Hambourg.

Buyer’s Premium is 28% including Drouot fees

This translation is for courtesy purposes only. For any controversy, the Italian version shall prevail. BADO E MART AUCTIONS IS A REGISTERED TRADEMARKS OF COMPANY PROPERTY ANTIQUARIATO LIBRARIO BADO E MART DI BADO R. E C. S.A.S. REGISTERED OFFICE: VIA S. FRANCESCO 152 PADOVA OPERATING OFFICE: VIA DEI SONCIN,PADOVA, ITALY REGISTERED TO THE REGISTER OF COMPANIES IN PADUA N. PD11271 REA PD-132682 FISCAL CODE AND VAT NUMBER: N. IT00773300280.

BADO E MART AUCTIONS – VIA DEI SONCIN, 28 fully paid Recorded with the Companies’ Register of Padua and Fiscal Code No. IT00773300280, R.E.A. PD-132682

1. BADO E MART AUCTIONS with principal office in Padua, VIA S. FRANCESCO 152 and operating office in VIA DEI SONCIN, 28, recorded with the Companies’ Register of Padua and Fiscal Code No. IT00773300280 [Company Register Code PD-132682], in carrying out its selling activity, acts as an agent on an exclusive basis in its name but on behalf of each Seller, whose name is registered in the special books held at BADO E MART office pursuant to the Police Regulations. The sales shall be deemed concluded directly between the Seller and the Buyer (hereinafter referred to as the “Buyer”); it follows BADO E MART that undertakes no responsibility except that deriving from its role as agent.

2. The lots are knocked down to the highest bidder. If any dispute arises between two or more bidders, the disputed lot may, at the sole discretion of the Auctioneer, immediately be reoffered and resold.

3. BADO E MART AUCTIONS reserves the right to withdraw any lot in its absolute discretion and without need of any notice. During the auction, the auctioneer in its absolute discretion is entitled to change the order of sale, to join and/or separate any two or more lots. BADO E MART AUCTIONS, moreover, shall also withdraw lots if the bids do not reach the reserve price, as agreed between BADO E MART AUCTIONS and the Seller.

4. The minimum rate by which a bid may be increased is 10% of the minimum starting price, unless otherwise communicated by the Auctioneer.

5. The highest bidder by making its bid undertakes to pay to BADO E MART AUCTIONS the hammer price of the lot plus the Buyer’s Premium due to BADO E MART AUCTIONS plus taxes and other charges applicable to the sale and to the commission.

6. Title to the lots is transferred to the highest bidder only upon full payment of the hammer price and of the commissions referred to in paragraph 7 herein below. The following modalities of payment are accepted: a. by cash up to Euro 999,00; and adjustment of the amount to any legal changes to the law on the use of cash. b. by credit card (Visa and Mastercard) in our office. A surcharge of 2% is payable on all payments made by credit card and Paypal;

c. by banker’s draft and/or certified non negotiable cheque payable to Antiquariato Librario Bado e Mart s.a.s.; d. by bank transfer headed to Antiquariato Librario Bado e Mart sas IBAN: IT 84 M 03268 12100 0521 4960 4180 SWIFT: SELBIT2BXXX EUROPE CIN: M In remittance, the payment shall be deemed made only when BADO E MART AUCTIONS’s bank has confirmed the encashment of the cheque or the receipt of the remittance.

7. The commissions due to BADO E MART AUCTIONS by the Buyer are the following:

o 25% of the hammer price for each lot +additional fees on other online platforms (Live Auctioneers, Invaluable) up to an amount of Euro 200.000,00;

o 20% of the hammer price on any amount in excess of Euro 200.000,00.

8. LOTS WITH THE SYMBOL K. In Italy the Legislative Decree No.provides a so called “Diritto di Seguito” (artist’s resale right) namely the right of the artist, who created figurative works or manuscripts, during his entire life and the right of his heirs for a period of 70 years from the artist’s death, to receive a payment calculated at a percentage of the sale price of the originals of his works on occasion of subsequent sales of the artist’s works. For lots that appear with this symbol the buyer is committed to pay the “droit de suite” which entitles the seller to pay according to the art. 152, I comma, Law 22 aprile 1941, n. 633. Such artist’s compensation is at charge of the Buyer and is calculated on the hammer price if it is equal or higher than Euro 3.000,00. This compensation cannot in any case be higher than Euro 12.500,00 for each lot. The amount of the compensation to be paid is calculated as follows: 4% for the sum of the hammer price up to Euro 50.000,00; 3% for the sum of the hammer price between Euro 50.000,01 and Euro 200.000,00; 1% for the sum of the hammer price between Euro 200.000,01 and Euro 350.000,00; 0,50% for the sum of the hammer price between Euro 350.000,01 and Euro 500.000,00; 0,25% of the hammer price in excess of Euro 500.000,00. The artist’s compensation charged to Buyer shall be paid by BADO E MART AUCTIONS to SIAE, pursuant to what prescribed by the Italian law.

9. Bado and Mart Auctions may accept purchase commissions of lots by bidders for sale on the precise mandate fully completed in each part (written bids or telephone participations), indicating all their personal data (attaching a copy of an identity document valid) and possibly their bank references. In which case the Director of Sales will make bids on the basis of instructions received. BADO E MART AUCTIONS reserves to itself the right to refuse bids made by persons not registered or not identified or who has not given adequate bank references.

- Written offers are valid if received by the Auction House within 24 hours of the start of the auction and are clear and complete. - Telephone holdings are valid if received in writing within 24 hours of the start of the auction. - Bado and Mart Auctions can not be held responsible for any errors that might occur in the execution of telephone bids and is not responsible if it is not possible to establish contact with the customer. The lots will be purchased at the lowest possible price allowed by other offers on the same lots and the recorded reserves. In the case of tenders for the same amount the bid received first will prevail. Such data shall be processed in accordance with applicable laws on protection of confidentiality of personal data (SO-CALLED Privacy), as information that will be delivered to the participants.

- Bado and Mart Auctions deemed solely responsible for payment the successful tenderer and are not accepted transfers to third parties of lots already awarded. Therefore participation in the auction in the name and on behalf of third parties must be notified in advance. the data provided at registration are those that appear in the bill of sale and shall not be modified.

10. BADO E MART AUCTIONS will be entitled to execute bids for specific lots on behalf of clients known to it, making bids through the auctioneer in competition with the other bidders attending the sale. In the event of two identical bids, the bid communicated by the auctioneer shall prevail over the bid made by other bidders.

11. BADO E MART AUCTIONS acts as mere agent of the Sellers and shall not be held liable for the description of the lots in the catalogues, brochures and other publications. Statements in the catalogue or condition reports or any other indication or illustration regarding the lots, are purely statements of opinion and are not to be relied upon as statements of warranty. Before every auction, an exhibition of the lots shall take place in order to allow a trough evaluation of the authenticity, the state of preservation, the provenance and the type and quality of any lot. The exhibition is intended to allow a review of the conservation status and quality of the objects and clear up any errors and / or inaccuracies that may appear in the compilation of the catalog. During the exhibition, the Sales Director and / or the staff will be available for any clarification; the exhibition has the purpose of examining the state of conservation and quality of the objects, as well as clarifying any errors and inaccuracies reported in the catalog. The interested parties undertake to examine the property in person, possibly also with the help of a trusted expert. All items are sold "as seen", in the state and conditions of conservation in which they are found. The descriptions in the catalog can be integrated on request of the customer by delivery of written reports (condition reports). After the award nor Bado and Mart Auctions nor the Seller shall be liable for defects related to the state of conservation, for the wrong attribution, authenticity, provenance, weight or lack of quality of the items. Nor Bado and Mart Auctions nor the personnel to Bado and Mart Auctions will release any guarantee of this, except for cases provided by law. Notwithstanding the foregoing, and as provided by mandatory provisions of law any liability for damages either towards Bado and Mart Auctions, that the Seller shall not exceed the amount of the award of the relevant batch.

12. The estimates regarding the possible sale price of each lot are expressed in Euro and are printed under their description in the catalogue and are not inclusive of the commissions payable by the Buyer to Bado and Mart Auctions. Estimates may be subjected to revision at any moment, so that the lots may be offered at the auction at a price different from that indicated in the catalogue. The description of the lots in the catalogue can also be subject to revision by way of appropriate communications to the public during the auction.

13. The Buyer shall pay to BADO E MART AUCTIONS the hammer price plus Buyer’s Premium within seven working days from the end of the sale. The Buyer may withdrawn the won lots after the total payment, partial payments are not allowed unless otherwise previously agreed in writing with BADO E MART AUCTIONS.

14. In the event of delays in the payment of the hammer price plus commissions by the Buyer, after seven working days from the end of the sale, BADO E MART AUCTIONS, charged to the Buyer the liquidated damages, can proceed:

-to take action to get the compulsory enforcement of purchase; -to sell the lot by private treaty, with the right to demand by the Buyer any price differences;

- To sell at a later auction to the detriment of the Buyer, retaining as a penalty any advance payments received. -to act only for the recovery of a penalty equal to 25% of the hammer price.

15. The Buyer, after the payment of the hammer price and of the commission, should collect the lots at his own risk and costs within seven days from auction. After this time, BADO E MART AUCTIONS shall not be held liable towards the Buyer with reference to the custody, to any possible deterioration or wear and tear of the lots and will have right to transfer lots which have not been collected at the expense and risk of the Buyer to its office or to private or public warehouse. Bado e Mart Auctions may arrange to have the lots packed, insured and shipped at the express request, expense and risk of the Buyer, upon receipt of the related payment.

16. (H): Lots marked with this symbol, being under a temporary import regime on the Italian territory by a foreign seller, are not subject to any restrictive measure by the Italian legislation. For the other lots, possibly subject to a notification by the State, the Bidders will be required, to comply with all the provisions set forth in Legislative Decree no. 22 January 2004 n. 42 (SO-CALLED "Code of Cultural Heritage"). The export of lots by the Buyers, resident and non-resident in Italy will be governed by that legislation as well as to customs, currency and tax regulations. Bado and Mart Auctions assumes no liability to Bidders regarding possible restrictions on exports of the lots awarded nor for any licenses or permits that the contractor of a lot must obtain under Italian law. Failure of the releasing and granting the export license cannot justify the cancellation of the purchase or non-payment.

The Successful Bidder, in case of exercise of the right of first refusal by the state, can not force Bado and Mart Auctions and / or the Seller any refund of the interest on the price of the auction commission already paid.

17. Any disputes about the attributions given in the catalog and on the quality of the lots awarded will be moved by registered mail with return receipt to be sent no later than 10 days from the award date. In case the complaint proves founded, based on the documentation that in any case will have to be produced under the responsibility and cost of the Buyer, Bado and Mart Auctions, will be held exclusively for the repayment of the sums already received without interest, upon surrender of the sold goods , without any further obligation for damages of any kind.

18. In any case of auctions concerning books, the Buyer shall not be entitled to dispute any damage to bindings, foxing, wormholes, trimmed pages or plates or any other defect affecting the integrity of the text and/or illustrative material, including missing indices of plates, blank pages, insertions, supplements and additions subsequent to the date of publication of the work. Will not be also accepted dispute of any books not described in the catalog. As for Auctions of Drawings, Paintings and Prints and Bado Mart Auctions is not responsible for the works attributed to an artist, a school, a country or a period, as they are given as a guidance purpose and reflect the opinion of our experts.

As for auctions of drawings, paintings and prints, porcelains and furniture Bado Mart Auctions is not responsible for works attributed to an artist, a school, a country or a period,

defects, damages or losses as they are given for the purpose of orientation and reflects the opinion of our experts.

For the auctions containing paintings, porcelains and furniture, Bado and Mart Auctions could ask for the help of a qualified transport courier to ship the lot(s) won.

19. In the event that Bado e Mart Auctions is notified or become aware of a claim by a third party about the ownership or possession or control of one or more lots, it may, in its absolute discretion, retain possession of the lots for such period as it is reasonable for the settlement of the claim.

20. In the event that the buyer is a consumer pursuant to art. 3 of the Consumer Code, sales concluded through written offers without direct participation in the room, telephone or online offers constitute distance contracts pursuant to and for the purposes of Articles 45 and ss. of the Consumer Code. Except as provided in the following paragraph, pursuant to art. 59, paragraph 1, lett. m) of the Consumer Code, the buyer will not be able to take advantage of the right of withdrawal as the contract is to be considered concluded at a public auction as defined in art. 45, paragraph 1, lett. or of the aforementioned Consumer Code.

In auctions with the wording "timed auction", the buyer is granted the right of withdrawal pursuant to and for the purposes of art. 59 of the Consumer Code. The buyer may withdraw from the contract within fourteen days from the moment in which he took possession of the purchased good, without having to provide any reasons, by sending a communication by registered letter with return receipt or by PEC to Bado and Mart Auctions to the address [email protected]. it.

The cost of returning the goods will be borne by the buyer who will then arrange for the return at his own expense within fourteen days of receipt by Bado Mart Auctions of the notice of withdrawal. The deadline is met if the buyer sends back the goods before the expiry of the fourteen-day period. Bado Mart Auctions will reimburse all payments received from the consumer, possibly including delivery costs (with the exception of additional costs arising from the possible choice of a type of delivery other than the least expensive type of standard delivery offered by us), within fourteen days from the day in which it is informed of the consumer's decision to withdraw from the contract. However, Bado Mart Auctions may withhold the refund until it has received the return of the goods subject to withdrawal. The refund will be made using the same means of payment used by the consumer for the initial transaction, unless the consumer has expressly agreed otherwise and provided that he does not have to incur any costs as a consequence of the refund. For the purposes of exercising the right of withdrawal, the buyer is in any case considered to have taken possession of the purchased good when ten days have elapsed from the payment by the buyer and the same has not collected the good.

21. In the event that Bado and Mart Auctions has been informed or becomes aware of any claim or right of third parties relating to the ownership, possession or possession of one or more lots, it may, at its discretion, keep such lots pending settlement of the dispute or for the entire period reasonably deemed necessary for such settlement.

22. Personal data will be processed in accordance with theEuropean regulation (GPDR).

23. The lots offered for sale are to be considered used goods / antiques and as such not subject to the Consumer Code, according to the provision of art. 3, lett. E) of Legislative Decree no.

24. It should be noted that purchases made at Bado and Mart Auctions are not subject to the right of withdrawal as this is a contract concluded on the occasion of an auction sale.

25. These general conditions of sale shall be deemed accepted entirely and automatically by the sale participants and are available to any person requesting them. Any dispute relating to these general conditions on the auctions shall be submitted to the exclusive jurisdiction of the Foro of Padua and shall be governed by Italian Law, saving Bado e Mart Auctions rights to submit the claim to the Court where the defendant is resident.

Please for any request or doubt callor

Fine selection of Books, Atlases, Autographs, Pamphlets and Documents.

Preview Period: September 5-8 only by appointment.

To book your appointment, call 0039 049 8755317 or send an email to [email protected]

We remind you that our staff remains at your disposal to carry out detailed condition reports with additional photos in addition to the pictures already present in the catalog.