Shreve & Co. (San Francisco) pendant watch, with mechanism made by Emile Huguenin, made of platinum and gold, decorated with diamond and enamel, circa 1910, collector's item,

1.1. The sale by auction of lots of works of art of collector's items is organized by an economic operator authorized by the Ministry of Culture in the jurisdiction where it operates, a company of Artmark group, which operates and is entitled to operate under the Artmark R name (“Artmark” or „House”). The auction is carried out at the headquarters of the authorized economic operator or in another location announced in advance, being conducted by one or several representatives of Artmark (known as auctioneers or auction commissioners).

1.2. In Romania the auctions are organised by Artmark Holding SRL, authorised under no. 496/2022 or A10 by Artmark SRL, authorised under no. 476/24.11.2020; in Bulgaria the auctions are organised by Artmark Bulgaria LTD, authorised under no. 207162373/17.11.2022; in Croatia the auctions are organised by Artmark Croatia DOO, authorised under no. MBS 081471806/9.11.2022.

1.3. Artmark may organise some auctions exclusively online, without the mediation of an auctioneer; these online or "timed online" auctions replicate online the conduct of the physical auction and the same bidding rules, as well as certain special rules set out in Article 11, apply to them in principle.

2. The works of art or collectors’ items put up for auction ("lots") usually belong to consignors (also called depositors) who wish to remain anonymous. When consignors agree to the disclosure of their name in the auction sale, it will be specified in the auction catalogue.

3. The consignors, under the agreement signed with Artmark, guarantee that the lot they consign for sale by auction belongs to them as owners or that they have the right to sell it. The consignor will also be contractually liable directly to the successful bidder in any situation leading to the subsequent cancellation of the sale, and will compensate the successful bidder for the damage caused. The consignor assumes under the consignment agreement that he has made available to Artmark all documents legally entitling the consignor to dispose of the consigned items by sale.

4.1. Artmark publishes, in advance of the auction, a catalogue of the works of art and collectors’ items to be auctioned on its website (www.artmark.ro; www.artmark.bg; www.artmark.hr) and, in certain cases, a catalogue in full or in part in printed form. Only the lots listed and described in summary in the catalogue will be sold in the auction. Lot descriptions and illustrations are indicative, not exhaustive, and represent the opinion of Artmark specialists (or accredited experts) regarding the items up for auction.

4.2. If the item is titled by its author and its title is mentioned on the original item or on a label, the auction catalogue shall name the item accordingly. If the item is not titled, it will be named in accordance with its composition and subject matter, taking into account the author's concerns and cycles, and taking into account the practice of naming the author's items in the literature or in art market practice; it is possible that the same item will return to the auction with a different name, which may reflect the evolution of the research with respect to a more adequate name.

4.3. The auction catalogue will describe only signatures, hallmarks, and inscriptions visible on the work of art/collector’s item (it will not mention the absence of a signature, apocryphal or incorrect signatures and hallmarks).

4.4. Some works of art/collectors’ items will be attributed, although the signature is missing. Precise attribution is not mentioned as such, when the lot’s author is clearly acknowledged by the House’s specialists or, if that was the case, by the experts that were consulted by the House. Only probable or possible attribution will be mentioned. A “possible attribution” shall mean an informed professional deduction, having a significant level of documentation that, given the objective aspects that define the item (style, brushstroke, colour pallet, subject etc.), leads to the potential disambiguation of the author; “probable attribution” shall mean an informed professional deduction, having a high degree of documentation and probability that, given the objective aspects that define the item (style, brushstroke, colour pallet, subject etc.), leads to identifying the most plausible author. The artistic personality’s spectrum of the creator is also expressed by works that are made only partially by the artist, or under the artist’s guidance or strong influence; for such situations of partiality or distance from the brush of the artist evoked, terms will be used such as: “Studio of” (the work was made in the artist’s studio, possibly under the artist’s guidance or supervision); “Circle of” (the work was made during the same period the artist conducted creative activity, under the influence of his style); “Manner of” (the work was made in the artist’s style, but of a later date); “School” (the work was made in an artistic venue and it can be attributed to a style of an era); “After” (the work is a copy or an interpretation of the artist’s work).

4.5. In the case of wristwatches, the measurement of the diameter involves, where not otherwise specified, adding the width of the crown to the diameter of the dial in millimetres.

4.6. In the case of alcoholic or non-alcoholic beverages, rare or collectors' items, the participant in the auction must take into account, due to their age, the possibility that the level of liquid in the bottle may be lower than the original level; that some labels may be damaged, illegible, missing or replaced by updated labels; that the label indicates an expiry date or a date before which consumption is recommended/after which consumption is not recommended; that the cork is damaged, partially damaged or replaced; that the quality of the taste or colour of the drink is affected for better or worse, on a case-by-case basis, by the passage of time, including the possibility that the drink is unpalatable or unhealthy for human consumption and is sold as a collector's item.

5. The auction catalogue usually states the estimated value range of the item, without indicating the starting price of the auction, in the case of works of art, and the starting price for the auction of the item without indicating the estimated value range in the case of collectors' items. In the case of certain collector's items (such as watches, handbags, design objects, collectible cars), a list price may be indicated alongside the starting price; this refers to the price at which other copies of the limited edition of the collector's item can be found for sale in the artist/manufacturer’s official shops or second-hand on international reference websites for the type of collector's item.

6.1. Lots put up for auction will be displayed for viewing/inspection at exhibitions preceding the auction sale. All items are sold in the condition they are in at the time of sale ("as is"). Buyers are encouraged to inspect the items offered for sale prior to the auction to ascertain the condition, content and conformity with the auction catalogue entries of the items being auctioned so as to form their own belief as to the qualities/imperfections of the item, including by enlisting the assistance of a specialist to inspect the item. Anyone interested in purchasing may request from Artmark, prior to the auction, a condition report on the condition of the item using the link provided on the website under "additional information" in the lot description box. Artmark is not liable for any defects in the items that were not reported prior to the auction, as the buyer had the opportunity to become aware of them. After the award, the successful bidder may not refuse payment on the grounds of such defects, and Artmark shall not be obliged to repair or restore any item sold to a usable or better condition.

6.2. In the case of wristwatches, Artmark may offer, directly or through its partners, a warranty of the good working order of the watch put up for auction and awarded. When Artmark provides a warranty, the warranty period is mentioned in the catalogue, specific to each watch lot. The Artmark warranty runs from the date of award. Artmark warranty takes effect in accordance with the Rules and upon presentation by the successful bidder of the certificate of sale, without requiring another written certificate from Artmark. Only the watch mechanism is covered by the warranty. The following are not covered by the warranty provided: strap, bracelet, case, dial, crown. For the avoidance of doubt, the warranty does not cover the following situations: a) physical or mechanical defects, such as: shocks, cracks, chippings, including the case in which they affect, post-auction, the proper functioning of the watch; b) burnt or cracked components/parts etc., (c) use of the watch in unsuitable conditions, such as subjecting it to wide variations in temperature and pressure, mechanical shocks, ingress of liquids, metals or other substances into it; d) damage resulting from improper handling and storage, including interaction with detergents, cosmetics or petrochemicals, storage in environments containing dust, excessive moisture or corrosive agents, strong magnetic fields, keeping the battery in a worn-out condition inside the watch; e) failure to comply with the recommendations for water-resistance or failure to comply with the instructions for use; f) damage caused by age or normal wear and tear (e.g. scratching of glass, alterations to the colour or material of metal bracelets or straps made of leather, textile, rubber etc.); (g) the service life of the battery, quartz or other perishable components. The warranty of good working order, as well as any other warranty of authenticity of the watch issued by Artmark, does not include a warranty that all component parts are original or that the watch is, from the standpoint of its construction, complete, in the condition in which it was first purchased; over the course of their life, watches, particularly intricate or vintage collectors' watches, undergo numerous overhauls and repairs; some watches may be missing markers, keys or other component parts, and some may be auctioned as non-functional or partially non- functional (only some of the watch features and options work). Unless the catalogue has specified that the lot awarded is non-functional (or partially non-functional), the warranty of good working order means that Artmark will ensure, through its service partner(s), the repair of the non-functional watch, including, where required, as determined by the service partner, the replacement of broken parts. The warranty shall be null and void if: a) the successful bidder has personally tried to repair the watch or resorted to the service of another person; b) the successful bidder, directly or through other persons, has made modifications to the watch, including modifications designed to improve the appearance or performance of the watch. It is Artmark`s prerogative to ascertain the warranty null and void in these situations, directly or based on its service partner review. Artmark does not provide a warranty of good working order for: a) watches which the catalogue states are, in their condition at the time of the auction, non-functional (this is particularly the case for decorative watches); b) vintage watches (older than 40 years). The request for activation of the warranty shall be addressed exclusively to the relevant Artmark office in writing. Artmark can and will decide which service partner to call for diagnosis and/or repair. Activation of the warranty of good working order suspends the duration of the warranty period; however, Artmark cannot commit to a duration of repair service, including replacement of non-functioning components, particularly, but not limited to, cases where certain overhauls must be performed abroad or components must be imported.

6.3. In the case of decorative works of art and collectors' items, such as technical curiosities, which were originally intended for one or more practical purposes beyond their decorative aspect, Artmark does not guarantee at the time of sale their total or partial functionality, nor the original nature of all their component parts. Interested parties are urged, if functionality is paramount in the purchase decision, to check the item beforehand by physically inspecting it and asking Artmark to test its functionality in their presence. Interested persons should take into account that some items may not be able to be tested in the exhibition due to the noise regime or fire prevention requirements or due to possible technical or technological incompatibilities (e.g. type of power supply). At the same time, due to the evolution of human means of communication, some items, although theoretically functional, can no longer be tested, in the absence of a technical or technological test environment (e.g. analogue systems).

6.4. Decorative art or collectibles packaged in their original packaging are presumed to be new. Unpacking them without the consent of the House staff is strictly prohibited. Unpacking the original packaging invalidates the object's status as new and implicitly damages its state of conservation, therefore any such action shall require payment of the item, according to Article 31.

6.5. Objects of traditional art, memorabilia or contemporary design, consisting of articles of clothing or footwear, can be tested by dressing or wearing shoes only with the consent of the staff of the House. Testing the item by putting on or wearing shoes may damage it, either affecting its status, as a new item, or its state of preservation, therefore any such action shall require payment of the item, according to Article 31.

7. The duration, working ours and location of the exhibitions of the items to be auctioned will be made public in advance, via the Artmark website, in the auction catalogue (online or printed) and by other means of publicity.

8. The auction participant registration form is to be completed before the auction (in case of online participation), during the auction or immediately after the auction (in the auction room). Registration signifies unconditional acceptance of the terms and conditions of these auction rules. The same value of acceptance is also given to participation in the auction, in person or by telephone or written bid (retained by electronic mail or audio/video recording), whether or not followed by award; the person who bids but fails to submit or sign or complete the registration form may not invoke to his/her advantage the failure to sign or complete, being also subject to the terms and conditions of these rules. By registering/participating in the auction, each bidder agrees to any means that Artmark may use to prove the award, including a finding of such fact, as provided by law.

9.1. Participation at the auction is done by rising the bidding paddle, in person or online, which specifies the registration number of the participant in a certain auction, in response to the bid increment asked by the auctioneer. The auctioneer usually asks for bid increments increasing by approximately 10% the previous step, in a rounded value so that it is predictable, as follows: +25 from 1 to 200, +50 from 201 to 500, +100 from 501 to 1000, +200 from 1001 to 2000, +250 from 2001 to 5000, +500 from 5001 to 10000, +1000 from 10001 to 20000, +2000 from 20001 to 30000, +2250 from 30001 to 50000, +5000 from 50001 to 100000, +10000 from 100001 to 200000, respectively +20000 above 200001. The auctioneer may accept as valid another amount called by a bidder, higher than the previously accepted increment, if followed by an indication of the bidder's paddle.

9.2. When several physical participants in the auction room indicate by raising their paddles their willingness to bid the price asked by the auctioneer, he/she shall select from among the participants a single paddle, specifying it, as a rule, in the order of the raising of the paddles (taking into account also the extent of the visibility of the manifestation of the willingness to bid). When multiple online participants raise a paddle for the same bid increment, the Artmark LIVE platform automatically displays the first online paddle raised/first bid expressed.

9.3. Participation in auctions of rare or collectors' wines (or other alcoholic beverages) and in auctions of weapons and military accessories («Militaria»), is not permitted to persons under the age of 18.

10.1. The lot is awarded to the participant who offers the highest price when all conditions are met: The auctioneer shouts «awarded» and knocks the auction gavel. The highest bid shall constitute an irrevocable offer to purchase under the terms of these rules. The obligation to pay the hammer price represents an uncontested, liquid, and enforceable receivable.

10.2. Lots (items to be auctioned) are called out in the order in which they are listed in the auction catalogue. The auctioneer announces the lot number and the starting price of the lot. The auctioneer decides the starting price of each item to be auctioned and may change the starting price during the auction, including when the starting price is indicated in the auction catalogue or when the lot is re-auctioned. Exceptionally, for certain large lots, the house may accept a reserve clause, which may lead to a situation where those particular lots cannot sell below the reserve price. A reserve price will be above the starting price and may be above the minimum estimate in the auction catalogue. The reserve price is confidential, at least until the time of the auction of the lot it conditions. If, during the bidding of the lot conditioned by reserve, participants bid a lower bid increment than the reserve price, the auctioneer may publicly request the reserve price; the auctioneer has the sovereign discretion to announce the reserve to the participants or not, depending on the observed level of bidding intent and the pace of bidding. If participants do not offer the reserve price or a higher amount, the lot is not awarded; it may, however, be re-entered during the auction by a participant offering at least the reserve price.

10.3. No lot will sell below the starting price, during or after the auction. Lots that were not auctioned at the time of their initial call may be re-entered for sale at and during the auction if a participant explicitly requests it.

11.1. In the case of an online or "timed online" auction, consisting of the online pre-bid collection phase and the actual auction phase, the auction will start at the current price formed in the online pre-bid collection phase. Thus, in the first phase, between the online publication of the auction catalogue and the start of the auction itself, if a previous online bid is registered equal to or higher than the starting price, the starting price becomes the current price, which is taken over by any subsequent online bid that exceeds the amount of the previous current price by at least one bid increment. The registration of the online pre-bids is done within the online auction catalogue page, in the detailed page of the lot for which the bid is made, by any bidder who has opened an approved online bidding account. For the avoidance of doubt we specify that all online pre-bids are treated by the platform according to the principle of maximum savings/"proxy bidding", consisting in the fact that regardless of the value discrepancy between the bid and the starting price (or between two bids), the current price increase occurs only with one bid increment, saving the bidder the difference up to the maximum ceiling offered.

11.2. In this first stage, bidders will receive messages notifying them of: a) confirmation of the registration of the online pre-bid; b) allocation of the current bid price/their winning of the current bid increment; c) reallocation of the current bid price/their losing of the current bid increment due to a higher bid. Notifications will only be made to the persons directly affected (the person who won the increment and the person who lost the increment).

11.3. In the event of changes to online pre-bids, during the first stage of online bid collection, the current price may change (higher/lower, depending on the increase/decrease/cancellation of online pre-bids) automatically, which may result in the reallocation of the current auction price to another bidder, as well as notification of the successful and losing bidders.

11.4. In the second phase of the online/"timed online" auction, which takes place between the time announced for the start of the auction and the call, whether or not the last lot of the online auction is awarded, each lot starts at the current price or, if no online pre-bid has been registered, at the starting price set out in the auction catalogue. The online auction takes place on the Artmark LIVE® auction platform and can be bid live online by all interested parties who have opened an approved online auction account; following approval of the account opening, each user is allocated a unique, anonymous auction paddle, designated by a numerical code (randomly allocated within consecutive numerical ranges). Bidding increments are allocated in order to the first online bidding paddle. Calling out the bid increments and notifying, by counting three times, the online participants of the imminence of the award to the paddle that offered the highest increment is done by mentioning in writing, in the window allocated to the electronic auctioneer’s communications, brief messages. The award takes place after the participants have been notified by (written) counting three times within 5 seconds of the last call (not followed by a bid for a higher bid increment). In the exceptional case where there is a reserve price for a lot being auctioned online, if it is not exceeded by an organic increase in the current price, the electronic auctioneer will ask the participants, by written mention in the window for the auctioneer's communications, to provide the reserve price increment. Unsuccessful lots can be re-entered during the online auction, according to the general rules.

11.5. In the second phase of the online auction, participants will receive messages notifying them of: a) the fact that the first of the lots for which it has registered an online pre-bid is to be auctioned shortly (5 lots in advance or, if the lot concerned is one of the first 5, a few minutes before the start of the auction; caution, no notification will be sent about the start of bidding for all lots for which the bidder has registered bids, but only about the start of bidding for the first lot); b) loss of the current bid increment by the bidder due to a higher bid in the auction(attention, it may occur that the competing offer, prior to the auction, which was initially higher, is subsequently modified downwards - the modification of online prior offers is possible until the start of the live stage of the timed online auction - and the losing offer becomes the winning one, due to the modification of the highest bid before the live auction); c) any award of lots after the auction has ended.

11.6. The messages referred to in Articles 11.2. and 11.5. shall be received by the bidder at the e-mail address indicated when registering the online account. Any user can change their e-mail address by accessing their user profile on the website (on the MyA10/MyArtmark page).

12. The auctioneer may remove from the auction any of the lots exhibited and presented in the auction catalogue, for reasons which shall be deemed by the parties to be related to the proper and diligent conduct of the auction.

13. If a lot is not awarded at the auction, it shall be returned to the consignor within the time limit laid down in the consignment agreement. A lot not sold in the auction may be purchased, within the next 5 days (and prior to its return), at a value equal to or greater than the minimum of the estimated value range according to the auction catalogue, in the case of works of art, or at a value equal to or greater than 125% of the starting price of the auction, in the case of collectors' items, or at least at the reserve value (plus the auction fee, which varies according to the buyer's status in relation to Artmark, according to Articles 16 and 18).

14.1. Persons interested in the lots to be sold by auction may also participate in absentia in one of the following ways: a) by opening an online account on the Artmark LIVE® platform, placing an online pre-bid, for a maximum bid amount, up to which the auction software system will offer bid increments on behalf of the physically absent participant, using the anonymous electronic bidding paddle, designated by a unique participant number, assigned to the physically absent participant's online account; b) having an online account opened on the Artmark LIVE® platform, participating online during the auction in the bidding of the lots of interest, raising the electronic paddle allocated to his/her account at the increments called by the auctioneer, raising the electronic paddle being visible to all physical or online participants in the auction; c) by written bidding (the form is made available to interested buyers prior to the auction - both online and at the reception desk), the House staff following to exercise the written bid by bidding on behalf of the absent participant up to the net amount offered; d) by telephone participation through the House staff, the House staff following to physically (or electronically, as appropriate) raise the paddle for the amounts offered by telephone, in real time, by the telephone participant. Bidders in absentia are advised, by online pre-bid or written bid, to bid entire bid increments and not amounts between the bid increments, which the auctioneer is free to ignore, as appropriate (similar in the situation of calling out amounts between increments in the auction room or by telephone).

14.2. Account holders in the Artmark LIVE® application are advised to use the application with the necessary caution, i.e. to maintain the confidentiality of account access data, not to distribute access to the account, to ensure that access to the device and handling of the device respectively is safe in that pressing the "bid" button results in the submission of a valid bid without the need for subsequent confirmation. Artmark LIVE® account holders are personally responsible for all bids submitted from their account. The participant through Artmark LIVE® understands that given the nature of the auction sale and the inevitable pace at which it is conducted, the handling of the bid button, whether by carelessness, enthusiasm, emotion, error, insufficient forethought, and the like, results in a valid bid, which cannot be withdrawn by the subsequent submission of an intent to revoke or a counter-bid. Participants may only withdraw their online bids before the start of the bidding for the lot, if they were placed online pre-bid and provided they receive an e-mail confirming that the online withdrawal of the online pre-bid has worked.

14.3. If several participants in absentia place online bids, written or by form, for the same lot at the same (maximum) price, usually the first bid received will take precedence. Written bids, online or by form, are maximum, so the system will bid at most up to the written value, offering the next increment (and not the maximum written value offered). Participants are asked to take into account that under this bidding system, which allocates increments in turn, consecutively, protecting the maximum value offered in writing by an absent participant, it is possible that the lot be awarded to another participant, at the maximum value offered in writing by the absent participant (the absent participant to which the commissioner has allocated the previous bid increment, by virtue of priority of his/her bid). Therefore, participants who register written pre-bids, by form or online, are advised by the House to follow the bidding of the pre-bid lot by telephone or online, remotely, to be able to knowledgeably decide whether to continue bidding for the lot above the pre-bid amount.

15. The state, as well as museums and other public institutions, may also participate in the auction, on equal terms, through a representative who, under the conditions laid down by law, exercises the state’s right of pre-emption.

16. The hammer price, either the starting price or the auctioneer’s bid increment, will be increased by the auction fee. The auction fee usually includes VAT (VAT inclusive) and any other duties associated with the transaction in the jurisdiction of the sale. In Romania, in the case of fine art, under the law, a 0.5% stamp duty for visual artists is added separately; also, in all jurisdictions, in the case of decorative art and jewellery containing precious or semi-precious stones, a gemmological certification fee of 0.5% per lot is added (but not less than €10 per lot).

17. Starting and hammer prices are expressed in EUR, which will serve as currency to calculate the starting and hammer price respectively. In jurisdictions that have not adopted the EUR, Artmark will announce, prior to the start of the auction, the conventional exchange rate (equivalence) for EUR/national currency used by the House for the current auction. If Artmark does not announce a conventional exchange rate, the official exchange rate of the National Bank on the day of payment of the pro-forma invoice shall apply.

18. The auction fee varies from one jurisdiction to another, depending on the market organisation costs. In Croatia it is 22% of the hammer price; in Romania, the fee is 20% of the hammer price; in Bulgaria the fee is 18% of the hammer price. Artmark members, holders of Artmark Clasic membership cards, benefit from a fee reduction (to 20% in Croatia, 18% in Romania and 16.5% in Bulgaria), if they have accumulated an award value higher than €100,000.

19. The awarded work of art (or collector’s item) must be paid by the buyer within a week from the award. Payment shall be made in national currency by residents; or in EUR or USD by non-residents. Payment can be made: a) in cash at the cashier's office of the House, for amounts not exceeding the ceiling provided by law from time to time; b) by bank transfer, using the details provided in the invoice, and c) by bank card (Mastercard and Visa cards are accepted).

20. The work of art (or collector’s item) can be collected immediately after the receipt of the invoiced amount (in the case of collector’s vehicles within 3 days). When payment is made in cash or by bank card, invoicing and payment of the awarded lot may take place either during or after the completion of the auction - at the auction site - or after the auction - at the House's premises. The invoice and the documents related to the sale (handover/receiving report, certificates) are usually made available in electronic form. If the buyer requests, these documents can be issued also in printed form.

21. The right to withdraw from the contract (waiver of purchase of the awarded lot) is not applicable to awards made in the context of public auctions organised by Artmark. Similarly, lots purchased from public auctions organised by Artmark cannot be returned and cannot be subject to the Government Emergency Ordinance no. 140/2021 provisions regarding certain aspects of the sales of goods acts.

22. If the invoiced amount is not paid within the deadline provided for in these Rules, in order to repair the damage caused, Artmark may choose between: a) requesting the buyer to pay the awarded lot and the auction fee, as well as a late payment penalty of 1%/day of the amount due, b) retaining, in account of the claim, for sale, works of art or collectors’ items belonging to the successful bidder, respectively the amounts from their sale, c) terminating the agreement, forcing the successful bidder refusing to pay, for reasons other than those regulated under Article 27, to pay the double the auction fee, respectively d) rewarding to a counter-bidder, who has offered an increment lower than the hammer price (in writing or online prior to the auction or online during the auction, according to electronic records on the auction platform), if he/she confirms after the auction the maintenance of the bid lower than the hammer price, requiring the successful bidder who is late or refuses to pay the awarded lot to pay the difference between the amount collected by Artmark and the amount that should have been collected by Artmark from the successful bidder. The limitation period for Artmark’s right to obtain compensation for the damage suffered is 5 years from the date of the award.

23.1. Transfer of ownership takes place at the time of transfer of possession of the awarded lot from Artmark to the buyer or carrier (as the case may be), subject to full payment by the buyer of the invoiced amount. The buyer is responsible for and bears the risk of collection and transport of the awarded lot. The buyer shall pick up the awarded item within 2 weeks of receipt of payment by Artmark, from the premises of Artmark operator from which the buyer purchased or from the warehouse indicated by Artmark.

23.2. The transport of the lot paid within the country of the awarding Artmark operator will be carried out by Artmark’s specialized means of transport if the value of the awarded lots in a monthly auction session exceeds, without adding the auction fee, the ceiling of €25,000. At the request of the successful bidder, Artmark may ensure, directly or by carrier, for a fee, the delivery of the lot to the address indicated by the successful bidder, in all other situations.

23.3. In case of collector’s vehicles (cars, motorcycles, boats, flying machines and the like), the transfer of ownership takes place when the buyer pays the invoices amount, but not before the completion by the consignor and/or buyer of the special formalities provided for by the applicable law (such as, as the case may be, deregistration of the vehicle from the special register/registration of the vehicle in the special register, obtaining tax certificates, obtaining user permits, notarial forms). The transfer of possession of the collector’s vehicles will be carried out by handing over the vehicle keys. The transfer of possession of the collector’s vehicle and handing over the documents necessary for registration and, as the case may be, fiscal declaration of the vehicle by the buyer, will be carried out by Artmark within 5 working days of the date when the buyer pays the invoiced amount.

23.4. In the case of firearms (antique, collector's, panoply or hunting), the transfer of ownership takes place when the buyer pays the invoiced amount, provided that the buyer presents the documents required by law (such as authorisation, licence, certificate) to legally own/transport that type of firearm.

24.1. Given the physical limits of Artmark's own warehouse, the buyer authorizes Artmark to transfer the items not picked up by the buyer, for and on behalf of the buyer, to an external warehouse one month after the auction date for residents and 45 days for non- residents. As of one month from the date of the auction, Artmark is no longer liable to the buyer for the integrity of the lot awarded. When picking up the items, the buyer will pay the cost of transport to the external warehouse and the share of the warehouse rent, agreed by the parties as equal to the equivalent of 2.5% of the hammer price/month, but not more than €250/month/lot. In the event that the buyer does not pick up the awarded works within 6 months from the date of external storage, Artmark is entitled to (re)offer the work for sale in order to recover the costs of transport, storage and any other incidental costs, any positive difference belonging to the buyer.

24.2. In the case of collector's vehicles, the buyer is obliged to collect the vehicle within one week of the date of payment. After the expiry of this one-week period, the buyer authorises Artmark to transfer the collectible car not picked up by the buyer, for and at the expense of the buyer, to an external warehouse. As of one week from the date of the auction, Artmark is no longer liable to the buyer for the integrity of the awarded good. When collecting the goods, the buyer will pay the cost of transport to the external warehouse and the cost of storage, agreed by the parties to be equal to the equivalent of 2.5% of the hammer price/month, but not more than €250/month/lot. In the event that the buyer does not collect the awarded vehicle within one month from the date of external storage, Artmark is entitled to put the vehicle up for sale (again) in order to recover the costs of transport, storage and any other incidental costs, the contract following to be terminated.

25.1. Among the lots of contemporary art put up for auction, works of digital art may also be found, existing and/or presented only in digital format or, where appropriate, also printed on material support.

25.2 Some digital artworks may be offered for sale in NFT (non-fungible token) format, selling with the unique NFT that represents and encrypts access to the blockchain network to the original digital art file, which bears the artist's signature and secures ownership of the digital artwork.

25.3. Digital artworks, including those sold in NFT format, may be accompanied by other related objects or physical expressions of the digital artwork, making up a composite lot with the digital artwork. Digital artworks may consist of still images or a kinetic sequence of images and may include a mixture of media, including film and audio.

25.4. As a rule, in the exhibition, the digital art lot is displayed on a screen, either singularly or alternately with other digital art lots submitted for auction. The lot of digital art put up for auction shall not be sold together with the screen and the electronic accessories used in the exhibition, but the successful bidder shall use his own electronic devices for possible display.

25.5 The NFT concept ensures the uniqueness of access to the digital art file and the originality of the digital artwork in relation to the artist as a direct emanation of the artist. Some digital artworks, irrespective of the format or medium in which they are offered for sale, may exist, in their original form, in multiple copies or variants. Some lots of art may revive in digital, photographic or creative medium, by means specific to the digital medium, works of art originally produced in physical format and traditional techniques. Some composite lots may consist of the sum of the physical artwork and its expression in digital format, which may vary compositionally, chromatically or in format from the physical artwork.

25.6. Lots of NFT digital art (or including NFT digital artworks) will be described in the auction catalogue by parameters specific to the encryption, storage and transfer environment and format (token ID, storage e-wallet address, smart contract address, graphic format and, where applicable, pixel size and encryption date).

25.7 As a general rule, lots of digital art in NFT format may be paid by the winning bidder both by traditional means of payment regulated in the article 19 and in cryptocurrency, as the natural currency of the blockchain storage network environment, subject to compliance with the following terms and conditions.

25.8. Lots that can be paid in cryptocurrency will be designated by the symbol "CC" (cryptocurrency). For clarity purposes, lots bearing this symbol can be paid both by traditional means of payment (art. 19) and in agreed cryptocurrencies. Ethereum is, at the time of these rules, an approved cryptocurrency; alternative cryptocurrencies may be added, and will be and if specified as such in the "Additional Information" section of the digital art lot. Payment of the lot implies payment of the auction price, the aggregate auction fee and any other amount regulated by the art. 16.

25.9. Payment by the winning bidder in Ethereum and/or other agreed cryptocurrency shall be made by transfer from the winning bidder's digital wallet to the House's digital wallet, within the payment term regulated in the art. 19. The exchange rate for Ethereum and/or other agreed cryptocurrency, in relation to the EUR, which is the currency of calculation of the auction and the auction, will be that of the date of payment, as indicated for the day of payment by one of the internationally recognised exchange offices.

25.10. The winning bidder who pays for the lot of digital art in Ethereum and/or other agreed cryptocurrency declares to the House and guarantees that the source of the payment is not illicit.

25.11. The transfer of ownership of the lot of digital art awarded to the buyer shall be conducted in accordance with the art. 23, with the proviso that it is conditional upon the actual receipt of the invoiced price, including, in the case of payment in cryptocurrency, the actual receipt of the value of the invoiced price in the digital wallet indicated by the House.

25.12. Ownership of the digital art lot in NFT format will be transferred by the House (or, if applicable, directly by the artist) to the winning bidder, by debiting the electronic wallet of the House (or the artist) to the electronic wallet of the winning bidder. For this purpose, the successful tenderer must indicate to the House the relevant data for the transfer of the lot.

25.13. It is the responsibility of the winning bidder to: open an e-wallet which the House will credit with the digital art lot in NFT format; maintain and know how to operate the e- wallet; memorize the keys/passwords required to operate the e-wallet. The risk of ownership of the lot is transferred to the buyer by debiting and at the time of debiting the lot in NFT format to the e-wallet indicated by the successful bidder.

25.14. The successful bidder of the NFT digital art lot declares and warrants to the House that: He/it understands and assumes the potential risks associated with trading NFT and cryptocurrency and storing them in an electronic wallet, including the risk of cryptocurrency price volatility, the risk of not remembering/losing keys/passwords to the electronic wallet, the risk of hacking inherent in electronic systems, the risk of charging or increasing charges for NFT transactions, or the risk of unfavourable regulation of such transactions subsequent to the time of the NFT lot award, and any other unforeseen risks specific to emerging investment markets.

26.1. National authorities may classify certain important or exceptional movable cultural properties as "belonging to the 'national cultural heritage' or a 'national treasure'." According to national law, a special legal regime of protection and restriction applies to these goods; classified movable cultural goods are marked in the catalog by an index added to the lot number. The goods in the national cultural heritage of Romania, classified in the "fund" category, will be marked in the auction catalog with the symbol "F", and those classified in the "treasure" category will be marked in the auction catalog with the symbol "T". Also, goods listed in the cultural treasury of Bulgaria or Croatia will be marked in the auction catalog with the symbol "T". In accordance with the law, Artmark will take the necessary steps to notify the competent authorities about the sale of goods under "treasury" status.

26.2. As far as Romania and Croatia are concerned, the lots marked with the symbol "C" are subject to an evaluation of their classification in the movable national cultural heritage at the auction date, and in the event of classification, the state can exercise the right of pre-emption. At the same time, as far as Romania is concerned, the buyers are informed that the purchase of lots marked "C" as well as those listed in the national heritage, marked "F" or "T", must be legally brought to the attention of the Ministry of Culture.

26.3. As in the case of other goods sold by auction, in all cases where a good included in the auction is subject to the exercise of the right of pre-emption of a state/national or local public authority, within the terms and conditions laid down by the applicable law, the sale price is equal to the sum of the auction value and the auction fee.

26.4. If the state or the competent public authority exercises its right of pre-emption prior to the auction, offering a price at least equal to the value at which the asset was subsequently awarded, the transfer of ownership will operate directly to the holder of the right of pre-emption. In cases where the state or the competent authorities have not exercised their legal right of pre-emption by the date of the auction, the sales contract with the successful bidder shall be concluded subject to the condition precedent of non- exercise of pre-emption within the statutory period. By exercising the right of pre-emption by the state or competent authorities after the award, the sales contract will be deemed to be concluded directly between the seller and the holder of the right of pre-emption (the sale price being determined in accordance with Article 26.3), and the contract with the successful third party bidder will be cancelled retroactively. The right of ownership is transferred to the holder of the right of pre-emption at the time of payment of the price.

26.5. Also, some national laws provide for a right of first refusal in the purchase of paper lots of particular cultural/historical/administrative significance in favour of the National Archives/State Archives. The provisions of Article 26.4 shall also apply accordingly in the case of the right of first refusal of the National Archives/State Archives, which, under the law, benefit from a time limit (in Romania and Croatia 60 days) to exercise their right of first refusal. For goods part of the National Archives Fund, the task of notifying the National Archives/State Archives of the sale rests with the consignor and Artmark can only act as representative in fulfilling this obligation. Lots subject to the exercise of the right of first refusal of National Archives/State Archives will be marked in the auction catalogue with the symbol “A”.

26.6. Some lots are displayed and put up for sale in temporary import regime - or they come from the European Union and benefit from free movement, as properly regulated by the European law. These lots are marked with the “IT” symbol.

27.1. Artmark GUARANTEES THE SUCCESSFUL BIDDER THE AUTHENTICITY OF WORKS OF ART AWARDED WITHIN THE AUCTION, for which purpose it issues a sale certificate, adding a clause guaranteeing authenticity, which specifies, as appropriate, the name of the House’s representative, the specialist advisor or one of Artmark’s expert consultants, involved in the authentication of the lot. The guarantee of authenticity clause involves, on Artmark’s part, the obligation of guarantee, without any time limit, without requiring other legal or documentary forms. Artmark does not issue any expert report ex officio, having neither the framework nor the legal authority to do so, this activity being strictly reserves, by law, to self-employed experts authorized by the Ministry of Culture, each related to an area of specialisation, further certified by practice and recognised, each one specifically, by the professional community. Artmark can, however, arrange for the buyer interested in an elaborate study of the quality of the purchased lot, to obtain, at the buyer’s expense, such expert technical and stylistic report. Also, if the catalogue provides the confirmation of authenticity by the expert en-titre in a particular artist, it means that Artmark (through the Research and Documentation Department and/or through the Evaluation Department) has taken care to obtain, by written or verbal correspondence, the confirmation of authenticity of the lot by the expert appreciated by the professional community as principal in the work of a particular artist, without implying the fact that Artmark will provide the buyer with an elaborate technical and stylistic report, for the description and demonstration of authenticity of the lot. Artmark’s liability for the authenticity of the lot remains, in this case as well, materially and financially, in full.

27.2. The obligation of the House to guarantee authenticity targets the essential quality of each lot, depending on its typology, and not secondary features, even if they could have been envisaged by the successful bidder when purchasing the lot (for example, in the case of a fine art lot, guaranteeing authenticity means conformity of the author to whom the lot is firmly attributed, and not conformity of a secondary quality, for example an error regarding one of the dimensions of the lot; or in the case of a lot of jewellery, the guarantee of authenticity means the chemical conformity of the metal and the precious stones with the category in which they are classified, and not the conformity of a secondary quality, for example an error concerning the style in which the jewellery is made). In the case of a mixed lot, i.e. a lot made up of several components which usually form individual lots (e.g. a collection of silver objects, grouped together by theme or workshop), the guarantee of authenticity concerns all the components; if it is proved, following the procedure for contesting authenticity provided for in Article 28, the cancellation of the award concerns only the component that does not conform, by replacing it with a similar one or returning the estimated price for it (which estimate takes into account the proportion represented by the component in the price of the whole and the market value of the component).

28. The buyer may contest the authenticity of a work of art awarded by communicating to Artmark a written reasoned challenge, accompanied by a written opinion of an expert accredited by the Ministry of Culture, generally recognized by the professional community as competent in the work of the artist whose authorship is the subject of the challenge and generally recognized as having a good reputation. Where the cultural good has been awarded in a jurisdiction where art experts are not accredited by the Ministry of Culture or other public authority, the written reasoned challenge shall be accompanied by the written reasoned opinion of a professional who is a specialist in the artist's work and the period/technique in question, recognized as such by the professional community. Artmark is entitled to produce, within 3 months of receipt of the challenge, a counter-expertise from an expert of a similar level of competence and reputation. In order to avoid confusion, Artmark marks each of the lots delivered with at least one safety feature (a stamp bearing a unique numeric code, irreproducible and self-destructive in the event of an attempt to detach it, which is affixed to the back of the lot or to the accompanying sale certificate, when the certificate is issued in the printed form), which is proved by reference to the second copy of the stamp and by comparing the lot with the photograph contained in the sale certificate and the photographic archive relating to the lot.

29.1. The sale of works of art (or collectors’ items) is subject to the laws of the jurisdiction where the sale takes place. The buyer of a work of art will be issued with a sale certificate. The certificate is issued in the electronic form, or, exceptionally, at the buyer’s request, in printed form, on special paper, and bearing a specific embossed stamp.

29.2. In the case of auctions of alcoholic or non-alcoholic beverages, Artmark issues the successful bidder with a sale certificate, as well as, if it has been preserved over time (and made available to Artmark by the consignor), the certificate of origin/production issued by the producer.

30.1. No copyright in the works of art sold through Artmark auctions is sold by public auction and no copyright in the works of art sold through Artmark auctions is transferred to the buyer.

30.2. Artmark retains the right to publish images and descriptions of the work of art (or collector’s item) offered for sale in any documentary, journalistic, literary or promotional materials.

31. Artmark may require the person who causes damage during the exhibition or auction to one of the items put up for sale to bear the damage by paying the price equivalent to the upper limit of the estimated value range, as published in the auction catalogue in the case of works of art, or double the value of the starting price of the auction in the case of collectors' items, but at least the value reserved by the consignor, if any, plus the amount of the auction fee.

32. Artmark shall inform buyers that the removal from the national territory, by any means, of movable cultural goods for which a temporary or definitive export authorisation/licence/certificate, issued in accordance with the law, has not been obtained, constitutes an illegal export operation. If the buyer wishes to export the purchased lot (not restricted to export by law - such as lots marked with the "F" or "T" symbol), the buyer can use Artmark's representation services to obtain the export authorisation/licence/certificate. Artmark can represent the buyer before the national authorities (cultural and customs) in order to obtain the export authorisation/licence/certificate, for a fee (Artmark can also refuse the representation service, for reasons not limited to: lack or unavailability of experts accredited by the Ministry of Culture specialised in the type of movable cultural object to be exported, reputation of experts accredited by the Ministry of Culture specialised in the type of movable cultural object to be exported, level of fees charged). For this service Artmark charges a fee of 200 EUR + VAT. Artmark does not guarantee that the auctioned goods can be exported (at the time of the auction), nor does it guarantee that the successful bidder or Artmark, if the buyer chooses to be represented by Artmark, will obtain the export authorisation/licence/certificate, as the case may be.

33. Artmark also informs buyers who are not residents of a state which is part of the customs territory of the European Union that the transfer of lots (definitive import) to the states of which they are residents may, under the law applicable in each case, be subject to import duties (customs duties, VAT and/or excise duties etc.) if the conditions laid down by law are met and the buyer does not obtain an exemption from such duties.

34. Under the law, cultural goods created by living authors may be exported permanently or temporarily without an export authorisation/licence/certificate, provided that it is certified to the competent authorities that these goods are works created by living authors. For this purpose, Artmark can issue, free of charge, certificates at the buyer's request.

35.1. Sometimes Artmark's general auctions host one or more lots that are sold for charity. As a rule, the general auction rules apply to the sale of these lots. Charitable lots in general auctions will usually be marked with a distinctive red heart logo. Where auctions host an entire charity section or where the entire auction sale is for charitable purposes, the following special rules apply to the auction or charity sections.

35.2. The Charity Auction is organized by Artmark and the non-governmental organization, association, foundation or patron ("NGO") supporting the charitable cause for which the funds are raised and the project and its purpose are popularised. The auction will be led by one or more representatives of the House; where appropriate, representatives of the co- organizing NGO as well as ambassadors of the NGO cause and/or guests of the NGO may be co-opted to lead the auction.

35.3. In the case of a collective bidding formula, the requests, calls and awards pronounced by the House Commissioner-Representative are sovereign.

35.4. The auction catalogue, physical and/or online, provides starting prices for the lots up for auction. Prior to the actual auction, participants may submit bids (online, by those with an account on the Artmark LIVE platform, or by written bids) at least equal to the starting price. The online auction catalogue will display the number of bids submitted online or in writing and entered into the system, as well as the current pre-bid price; the current price is the highest amount offered, above the starting price. The bidding for each lot in the actual auction, which takes place on the date and at the time communicated in the auction catalogue, will start from the current price obtained for each lot. The level of the current price shall be checked immediately prior to the starting time of the actual auction. However, it is recommended that bids higher than the current price be communicated at least 6 (six) hours (pre-bid deadline) before the announced start time of the auction; the organizers cannot be held responsible for the failure of bids communicated after the pre- bid deadline.

35.5. Lots bearing the symbol "PC" are in the special situation of the cumulative award price. In special charitable situations, usually for serious humanitarian causes, where the purpose of auctioning a material or symbolic lot is to raise a specific or minimum amount, the "PC" symbol indicates the cumulative nature of the collection, in the sense that each bidder, regardless of which auction step, is considered, in relation to the purpose of the bidding, as the successful bidder. The material lot is allocated to the bidder who has bid the highest amount, but each participant is issued with a material expression attesting participation in the bidding of the humanitarian charity lot (e.g. a diploma, a certificate); on the other hand, all bids with which participants offer bidding steps are binding, firm and binding and oblige the participant to pay the amount bid, even if the amount offered is an intermediate bidding step and not the winning price. So, for clarity, each participant will pay the highest amount they bid for the humanitarian charitable lot, and the holder of the charitable cause will be paid all amounts raised within the cumulative auction price.

35.6. If a lot is not auctioned in the actual auction process, it shall be awarded at the current price to the highest bidder who has submitted the current price. If a lot is not pre- bid and not auctioned at the auction, it may be bought for two weeks after the day of the auction (or another period publicly announced for a specific auction) at a price at least equal to the starting price.

35.7. The lot awarded shall be paid to the House on the basis of the tender invoice issued by the House. The payment obligation assumed by auction/award shall be considered fulfilled through sponsorship, in equivalent amount, to the co-organising NGO account, under a sponsorship contract concluded between the successful tenderer (or the legal entity it represents) and the NGO.

35.8. The successful bidder will collect the charitable lot (when it has a material expression) awarded and paid for from the exhibition location (which may differ from the House's premises), as announced in the auction catalogue (physical and/or online).

35.9. The certificate of sale provided for in Article 28.1 shall be issued only for lots representing works of fine or decorative art, historical or bibliophilic lots or collectors' items (and not for design, clothing or office accessories or memorabilia from charity auctions).

36. Where there are differences between the online version of the Auction Rules and the version contained in the printed catalogue of the auction session, the online version, presumably more current at the time of the auction, shall prevail. Similarly, the online version of the auction catalogue may contain changes, additions and corrections to the printed version, with the online version of the auction catalogue prevailing over the printed version in terms of lot descriptions and bidding conditions. At the same time, prior to the auction session, the auctioneer may announce, in the auction room (and transmitted in real time via the Artmark LIVE® platform), changes, additions and corrections to the lot descriptions and bidding conditions, which take precedence over those contained in the auction catalogue.

Mostra: Lunedì 10 giugno - Martedì 25 giugno (10:00 - 20:00)

Palazzo Cesianu-Racoviţă, via C.A. Rosetti, no. 5, 010281, Bucarest, Romania

[email protected]