Painting auction July

Exhibition from 10 to 20 May :

Hours 10h-20h

Samedi d'exposition 10h-15h

Place of exhibition :

Segre 18, 28002 Madrid, Spain

General terms and conditions

Conditions générales de vente

I.- OBJECTIVE

GENERAL CONDITIONS

who considers with no appeal, being even able to proceed with the auction

The aim of SUBASTAS SEGRE S.L, is the mediation in the sale of all art object types, jewels or collections units by means of deposit, exhi- bition or auction.

II.- CONDITIONS

A.- FOR THE SELLER

1.- The seller, when transferring an object, will set the minimum sale price for the same one in common agreement with SUBASTAS SEGRE

S.L. If the object is to be auctioned, this price will become the auction star- ting one.

2.- The fact of transferring SUBASTAS SEGRE S.L. an object authorizes to this one to photograph and reproduce it in catalogues, announcements or any support type it considers to be able to make its sale easy.

3.- The seller becomes responsible for the objects transferred by him are free from taxes, charges or any type of impediments that its com- mercialization prevents, as well as for being able to assume his property or to count on the right propietor´s authorization, becoming responsible for any expense it may cause forgery in the data given SUBASTAS SEGRE S.L. by him.

4.- If the seller decided removing an already included object in the catalogue prior to the auction date and in unilateral way, he will have to pay SUBASTAS SEGRE S.L., on the starting price and for indemnification, both the agreed commission and that one from the prevailing buyer at this moment and the VAT corresponding both amounts.

5.- Once the object has been sold, SUBASTAS SEGRE S.L. will deduct, by way of commission, the agreed percentage with the seller mar- ked with the corresponding VAT, as well as the charge corresponding to catalogue inclusion detailed on the back of the deposit document signed by the seller. Those sold works from authors suject to 22/87 law of the intellec- tual property will have the deduced tax the law establishes.

6.- The seller will have not to pay any other expenses than those expressed on the previous paragraph. Just in the case that, after mutual agreement, they proceed with the object restoration, framing, cleaning, etc, or experts opinions are asked for meaning payment, these expenses will be exclusively charged to the seller independently of the object sale or not.

7.- SUBASTAS SEGRE S.L. is responsible for the value of the object transferred for sale before the seller by means of the insurance policy it entitles. Such a cover reaches the established sale price, being this one the starting price in case of auction.

8.- The liquidation of the sold objects will be made thirty days after their sale and once SUBASTAS SEGRE S.L. has received the payment charged to the buyer.

9.- The objects not adjudged in an auction will be able to be sold in the starting established price by SUBASTAS SEGRE S.L. after the auction and whenever previous agreement against it does not exist.

10.- If in a three months term the seller does not remove the objects not sold in auction nor decides a new starting price with SUBASTAS SEGRE S.L., these ones can be put in auction again with a 40% lesser star- ting price. In case the unsold lots have not been withdrawn by the consig- nor in period of three months from the auction, nor incluided in a new auc- tion, the pieces will be excluided from the SUBASTAS SEGRE´S general insurance cover and will accrue a storage of 6 Euros per day per item or lot not removed. In case of sale, intermediary fees, advance payment, and sto- rage will be deducted from the selling price.

11. The objects deposited in Subastas Segre SL for sale, are sub- ject to payment of accrued expenses such as storage, catalog, commissions and, where appropriate, advance payments. Pursuant to Article 1780 of the Spanish Civil Code, Subastas Segre SL will retain the object pledge to the payment of the debt.

B.- FOR THE BUYER

1.- SUBASTAS SEGRE S.L. will appoint an auctioneer responsi- ble for the auction direction. The lots will be for the highest bidder, being the auctioneer, in case of doubt about the bidder or the closing price, the one

again. Also, the auctioneer will be able not to take into account the bids made by people whose solvency has not been properly credited.

2.- The buyer will have to pay a 18% commission on the closing price increased in the VAT corresponding to this percentage

3.- The bids will be increased according to the following scale: Bids until 200€ will be incresed by steps of 10 euros

Bids between 200 and 500 Euros will be increased by steps of 20 Euros. Bids between 500 and 1.000 Euros will be increased by steps of 50 Euros. Bids between 1.000 and 2.000 Euros will be increased by steps of 100 Euros. Bids between 2.000 and 5.000 Euros will be increased by steps of 200 Euros. Bids between 5.000 and 10.000 Euros will be increased by steps of 500 Euros. Bids between 10.000 and 20.000 Euros will be increased by steps of 1.000 Euros.

Bids between 20.000 and 50.000 Euros will be increased by steps of 2.000 Euros.

Bids over 50.000 Euros will be increased by steps of 5.000 Euros or according to the auctioneer´s judgement.

4.- Buyers will also be able to make their offers in writing, using the forms SUBASTAS SEGRE S.L. will make available for this purpose. The auctioneer will defend the offer till the expressed limit, trying to adjudge the offered lot in the lowest possible price. Between two or more written bids offering the same amount for the same lot , the oldest one will have priority as well as the written bids have priority before the ones made in auction.

5.- It will also be possible to bid by telephone having established it before with SUBASTAS SEGRE S.L. The fact of asking for a telephone bid, implicates the desire of covering the starting price. Once the communication has been established it will be, anyway, as if the buyer was in the room. In case of bad or interrupted communications SUBASTAS SEGRE S.L. is not responsible for it and it is its right to cover, in the buyer´s name, the starting price of the lot for which the phone bidding was requested.

6.- Payment is due immediately after the sale by following methods: cash and Banker´s Draft.

Wire tranfer: BANKINTER

C/ Príncipe de Vergara, 204 Dup. , 28002 Madrid Número de cuenta: 0128 0065 8401 0002 7412

IBAN: ES81 0128 0065 8401 0002 7412 SWIFT: BKBKESMMXXX

For payments made in any currency with variable exchange rate accepted by SUBASTAS SEGRE S.L. the exchange rate of the day in which the payment is made will apply. If this one comes from abroad, it should be made by banker´s order.

7.- Data and descriptions showed in the catalogues are the result of the researches and knowledge of experts in SUBASTAS SEGRE S.L., who try to make easy the buyers selection, being data accuracy out of their res- ponsibility. The lots will be available for their examination during the pre- vious exhibition to auction, where the buyers will be able to form their own opinion. In the same way, SUBASTAS SEGRE S.L. will not either accept claims of flaws, restorations,etc., already existing during the object exhibi- tion, although they have not been described in the catalogue.

8- The buyer will have to pay and remove the lots acquired by him in a later term of 7 working days, owing 6 daily Euros per day and lot for storage once the term has finished. If the buyer has not paid and removed the lots thirty working days after the auction date, SUBASTAS SEGRE S.L. may consider the sale as finished without prejudicing the legal actions to be taken in a situation like this.

9.- If the buyer requests the sending of the lot or the ones acqui- red by him, the expenses for packing and dispatch will be charged to him. If he wishes to get an insurance covering this sending, he will have to com- municate and pay it before to SUBASTAS SEGRE S.L., since without this requisite the insurance will not be considered formalized.

C.- LITIGATION

In case of litigation between SUBASTAS SEGRE S.L. ande the seller or the buyer, the parties submit to the Law Courts of Madrid with renounce to any other jurisdiction.