NAGEL AUKTIONEN 2D

Status 2008/09 alte und moderne kunst seit 1922 nagelauktionen fine art and photographs created since 1900. The buyer bears half of the applicable levy in force on the invoice date (levy rate in September 2008: 1.9% of the knockdown price). c) If it should be necessary to obtain CITES certificates for the purpose of granting special exemption from the prohibition of marketing objects covered by this Convention, then the cost thereof shall be borne by the purchaser. d) Statutory value added tax (MwSt.) is currently 19% (September 2008). Works of art, as well as items from collections, which are marked in the catalogue with an * before the estimated price are subject to the reduced value added tax rate of 7 % in the event that standard taxation applies. e) Tax exemption is excluded for deliveries within the European Union. In the case of export deliveries to non EU countries, turnover tax is refunded to the buyer as soon as the export and acceptance documentation has been received by the Auctioneer. f) Invoices issued during or immediately following the auction require verification; errors excepted. 4. Due date, payment and default a) Buyers taking part in the auction in person must pay the final purchase price (knockdown price plus premium and turnover tax) to the Auctioneer immediately following the knockdown in cash or by a confirmed cheque. In the case of buyers who have submitted written or telephonic offers, the amount due is payable upon receipt of the invoice. The buyer waives the enforcement of any retention rights in connection with transactions or previous transactions conducted within the scope of the present business relationship. The buyer is only permitted to offset any counterclaims if these are undisputed or have been declared by declaratory judgment. If the buyer is an entrepreneur, he hereby waives the performance refusal right under § 320 (§ 322) of the German Civil Code (BGB). b) In the event of payment delay, private buyers (consumers) must pay default interest equivalent to 5 % of the discount rate of the European Central Bank and commercial buyers (companies), 8 % of the relevant discount rate p.a. If payment is made in foreign currency, any exchange losses and currency conversion fees must be borne by the buyer. The Auctioneer is also entitled to lodge claims against the buyer for culpable neglect of duties. After the second formal reminder, the Auctioneer is entitled to levy a default surcharge equivalent to 3 % of its total claim as compensation for damages incurred unless the buyer is able to prove that no damage or a much lower level of damages has been incurred. Instead of the flat rate damage compensation amount, the Auctioneer may demand reimburse ment of the specific damages incurred. These damages may also be calculated in such a way that the property item in question will be re auctioned in another auction with a limit determined at the dutiful discretion of the Auctioneer and the defaulting buyer will be liable for any reduced proceeds in comparison with the previous auction and also for the costs of the repeat auction and including the commission and disbursements of the Auctioneer. The defaulting buyer will not be entitled to any additional proceeds in this case. His rights in connection with the previous knockdown will lapse concurrently with the new knockdown. All claims of the Auctioneer against the buyer will be due immediately in the event of delay. c) The Auctioneer is entitled to forward information on defaulting customers to the Association of German Art Auctioneers or its members. 5. Collecting, shipping and storing items a) The buyer is obliged to take receipt of the property items immediately after the auction. Buyers who have participated in the auction in writing or by tele communication are obliged to collect the property items no later than 14 days after receipt of the invoice. Items purchased in an auction shall only be handed over when all outstanding accounts have been settled. b) If the buyer should be delayed in taking over the property, the Auctioneer is entitled to store the property items at the cost and risk of the buyer on its own premises or with third parties. The buyer will also bear the costs of any necessary insurance. A cost reimbursement of up to € 6.00 (plus value added tax) per item and day or the relevant rate of the storage company shall be charged for the storage. The buyer reserves the right to prove that costs have not been incurred, or not in the aforesaid amount. The date for withdrawing stored property items is to be agreed with the Auctioneer or designated third parties. c) The packing, insurance and shipment of auctioned items shall be made at the cost and risk of the buyer; the Auctioneer merely serves as agent for these services. Shipping orders will only be executed if the Auctioneer or the company commissioned with this task has received the appropriate shipping order signed by the buyer and after the calculated shipping costs and all other claims of the Auctioneer have been settled. d) Should the buyer be at least 12 months late in collecting the items, the Auctioneer shall be entitled to turn the items to account. The Auctioneer is entitled to deduct all claims against the buyer from the proceeds. 6. Liability The Auctioneer shall bear unlimited liability for acts of wilful intent and gross negligence. In the event of negligent violation of essential contractual obligations, the Auctioneer shall be liable to the amount of the limit or the estimated price. The Auctioneer shall not be held liable for ordinary negligence involving violation of simple, that is, non essential, obligations. This exclusion of liability shall also apply to the personal liability of the Auctioneer's legal representatives, senior employees, assistants and vicarious agents. 7. General a) All legal relationships between the bidder or buyer and the Auctioneer are covered in these Conditions. The bidder's or buyer's general terms of business shall not be applicable. There are no ancillary verbal agreements. Changes must be made in writing to be effective. The original German version of the Conditions shall be authoritative. b) The place of fulfilment and legal venue, if such can be agreed, is Stuttgart. German laws shall apply exclusively. The United Nations Convention on Contracts for the International Sale of Goods (CISG) shall not apply. The costs of any litigation abroad shall be borne by the buyer, insofar as they are not reimbursable in accordance with the respective national laws. c) If one or more provisions of these Assignment Conditions are wholly or partially invalid, the validity of the other provisions will remain in full force and effect. Uwe Jourdan, Publicly Appointed and Sworn Auctioneer Andreas Heilig, Publicly Appointed and Sworn Auctioneer Nagel Auktionen GmbH & Co. KG, Stuttgart (Local Court (Amtsgericht) Stuttgart Commercial Register A 720033) General partner Nagel Auktionen Beteiligungs GmbH, Stuttgart (Local Court (Amtsgericht) Stuttgart Commercial Register B 23440), Managing Director: Uwe Jourdan VAT ID no.: DE 245724016