JEAN COCTEAU. PORTRAIT ON WHITE PAPER.

CONDITIONS OF SALE APPLICABLE TO BUYERS

1. Definitions. In these Lots Road Auctions act only as auctioneers and agents for the seller and the representative of Lots Road Auctions conducting the auction is called the 'Auctioneer'.

2. General. Whilst Lots Road Auctions makes every effort to ensure the accuracy of their catalogues and the description of any lot:-

(a) Each lot as set out in the catalogue or as divided or combined with any other lot or lots sold by the seller with all faults, imperfections and errors of description. All electrical items are untested.

(b) Lots Road Auctions do not accept responsibility for the authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot unless they have been instructed in writing by the seller to so certify, and in such case the auctioneers do so as agents of the seller and are not themselves responsible for such claims. Before bidding bidders must ensure they are satisfied with the condition of the lot - for details of condition please contact conditionreports@lotsroad.com. We cannot guarantee a response to condition and image requests received after 1 hour before the start of the auction

(c) All statements whether printed in the catalogue, made orally or in writing as to any of the matters set out in (b) above are statements of opinion only and are not to be taken as being or implying any warranties or representations of fact by Lots Road Auctions unless they have been instructed in writing by the seller to so certify.

(d) Any claim under any Statute must be received in writing by the Auctioneers within ten days of the day of the sale.

3. The Auction.(a) The Auctioneer has absolute discretion to divide any lot, to combine any two or more lots or withdraw any lot or lots from the sale, to refuse bids, regulate bidding or cancel the sale without in any case giving any reason or without previous notice. He may bid on behalf of the seller for all goods which are being offered subject to reserve or at the auctioneer's discretion.

(b) The highest bidder shall be the buyer except in the case of a dispute. The Auctioneer may at his sole discretion determine the advance of bidding or refuse a bid. If during the auction the Auctioneer considers that a dispute has arisen, he has absolute discretion to settle it or to re-offer the lot.

(c) Each lot is put up for sale subject to any reserve price placed by the seller. Where no reserve has been placed (but not otherwise) the seller has the right to bid either personally or by any one person on his behalf (who may be the Auctioneer).

(d) All conditions, notices, descriptions, statements and other matters in the catalogue and elsewhere concerning any lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the lot.

4. Rescission. Notwithstanding any other terms of these Conditions, if within fourteen days after the sale Lots Road Auctions have received from the buyer of any lot notice in writing that in his view the lot is a deliberate forgery and within twenty-one days after such notification the buyer returns the same to Lots Road Auctions in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the buyer, satisfies Lots Road Auctions that considered in the light of the entry in the catalogue the lot is a deliberate forgery, then the sale of the lot will be rescinded and the purchase price of the same refunded. The seller and the buyer agree to be bound by Lots Road Auction's decision.

5. Default. Lots Road Auctions disclaim responsibility for default by either the buyer or the seller because they act as agents for the seller only and therefore do not pay out to the seller until payment is received from the buyer. Instructions given by telephone are accepted at the sender's risk and must be confirmed in writing forthwith.

6. In the event of a sale by private treaty both the seller and the buyer agree to be bound by the General and any Special Conditions of Sale.

7. Third Party Liability. Every person on Lots Road Auction's premises at any time shall be deemed to be there at his own risk. He shall have no claim against Lots Road Auctions in respect of any accident which may occur or injury, damage or loss howsoever caused, save in so far as the injury, damage or loss shall be caused by the direct negligence of Lots Road Auction's employees.

8. Inspection. Opportunity is given for inspection and each buyer by making a bid for a lot acknowledges that he has satisfied himself fully before bidding by inspection or otherwise to all the Sale Conditions, the physical condition of and description of the lot including but not restricted to whether the lot is damaged or has been repaired or restored. It is the buyer's responsibility to measure any item to ensure that it can be accommodated in its intended location. All buyers must check their purchases before the lots leave the building. Lots Road Auctions will accept no claims for loss or damage thereafter. All electrical items are untested.

9. Property and Risk. The legal title in a lot shall not pass to the buyer until the lot(s) has been paid for in full and the Auctioneers shall be entitled to a lien on any lot sold until the purchase price and all charges (as defined in 10 below) are paid in full, but each lot is at the sole risk of the buyer from the fall of the hammer. Each buyer shall forthwith give his full names and permanent address and if called upon to do so by the Auctioneer shall forthwith pay Lots Road Auctions such proportion of the purchase price as the Auctioneer may require. If the buyer fails to do so, the lot may at the auctioneer's sole direction be put up again and re-sold.

10. Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by Lots Road Auctions that he acts as agent on behalf of a named principal.

11. Removal of Goods.

(a) No purchase shall be claimed or removed until the sale has been concluded. All lots shall be paid for and removed at the buyer's risk and expense by 1pm on the Tuesday after the auction, failing which the Auctioneer shall not be responsible if the same are lost, stolen, damaged or destroyed, and all lots not so removed shall remain at the risk of the buyer and subject to a warehousing charge of £20 +VAT per lot per day. If they are not paid for and removed within two days of the sale the Auctioneer may re-sell them by auction or privately without notice to the buyer. Any liability which there may be on the part of the Auctioneer in respect of any loss shall be restricted to a maximum of the price paid by the buyer of the lot

(b) In the event of any failure of the buyer to comply with any of the above conditions the damages recoverable by the seller or the Auctioneers from the defaulter shall include any loss arising on any re-sale of the lots, together with the charges and expenses in respect of both sales, and together with interest at 10% above HSBC Base Rate upon the price of any lot which has not been paid for within forty-eight hours of the sale, and any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or to the seller.

12. Purchase Price. The buyer shall pay the hammer price together with a premium at the stated rates on the hammer price of 25% + VAT (30% incl.). Under the Auctioneers' Margin Scheme operated by HM Customs & Excise, the premium does attract VAT as an addition to the stated premium rate.

 Lots on which Value Added Tax is payable on or included in the hammer price are indicated in the catalogue or description sheet with an asterisk (*). VAT is payable on or included in the hammer price of such lots at the rates prevailing on the day of the auction

Certain works by living artists will incur an Artist's Resale Right royalty charge of 4%, when sold with a hammer price of €1000 (approx. £850) or more. Artist's Resale Right royalties are not subject to VAT.

13. Fixed Bids. Lots Road Auctions will execute bids on behalf of intending buyers unable to attend the sale at no charge. Lots Road Auctions undertake to purchase lots as cheaply as allowed by other bids and reserves, but will not be sold for less than 50% of the highest 'Fixed Bid' left. Bids must be submitted in writing (in person or via email) and whilst every care is taken in carrying out instructions Lots Road Auctions cannot be held responsible for errors or omissions made in carrying out such bids.  That in the event of commission bids being forwarded to the Auctioneer at the same value but by different bidders the Auctioneer retains the right to award the purchasing bid to the bidder of choice without explanation of precedence.

14. Live telephone bids will incur a 3% (+VAT) surcharge on every successful bid. Live Internet and Telephone Bids are subject to a “failure to communicate”, it is better to be in the room or leave an absentee bid. We suggest a covering bid amount on all telephone bids as a precaution

15. Live Bidding

Lots Road Auctions offer an online bidding service via www.the_saleroom.com for bidders who cannot attend the sale.

In completing the bidder registration and unless alternative arrangements are agreed with Lots Road Auctions you:

1. confirm that you have read, understood and will comply with Lots Road Auctions Buyer's Conditions of Sale

2. confirm that you are authorised to provide credit/debit card details to Lots Road Auctions through www.the-saleroom.com

Please note that any lots purchased via the-saleroom.com at an additional 4.95% + VAT at the rate imposed on the hammer price.

LOTS ROAD AUCTIONS Company Registration Number: 3943446

Vat Registration Number: 243 0680 84