Koller Alte Grafik 1. Oktober 2021

AUCTION CONDITIONS (CLASSIC AUCTIONS) These conditions apply solely to items which are auctioned by Koller (according to the definition below) live in the saleroom. By participating in the auction the bidder accepts the following Auction Conditions of Koller Auctions Ltd, Hardturmstrasse 102, 8005 Zurich, Switzerland (“Koller”). 1. Legal status of the parties The auction items are auctioned by Koller in the name of and on the account of the seller of the auctioned item (“Seller”). Koller acts on behalf of and for the account of the Seller as his agent as defined in article 32, section 1 of the Swiss Code of Obligations (“CO”). The hammer price is determined by the bidder recognised by Koller as having made the highest bid in Swiss Francs in the course of an auction (“Purchaser”), resulting in the conclusion of a purchase contract between the Seller and the Purchaser (“Purchase Contract”). Koller is thereby not a party to the Purchase Contract. 2. Surcharge 2.1 In addition to the bid price, the Purchaser must pay a surcharge on such bid price calculated as follows: i. on a successful bid of up to CHF 10 000: 25% ii. NEW: on a successful bid over CHF 10 000 up to CHF 400 000: 25% on the first CHF 10 000 and 22%on the difference between CHF 10 000 and the bid. iii. NEW: on a successful bid over CHF 400 000: 25% on the first CHF 10 000, 22% on CHF 390 000 and 15% on the difference between CHF 400 000 and the bid. 2.2 If the winning bid is placed over the internet in the course of a saleroom auction which is broadcast online (“Live Auction”), or leaves a pre-sale bid through an independent bidding platform which is linked with Koller, there will be an additional 3%added to the surcharge. Bidders are subject to Koller’s terms and conditions as listed on the Live Auction website, which may differ in some respects from those listed here. 2.3 The Purchaser must pay Swiss value added tax (“VAT”) on the surcharge. The stated percentage of the surcharge corresponds to the successful bid for each individual item. 2.4 The full tax is charged on all itemsmarked * in the auction catalogue, i.e. VAT is charged on the sum of the bid price plus the surcharge for those items. The VAT will be refunded to Purchasers providing a validly stamped export declaration. 2.5 The Purchaser agrees that Koller also has the possibility to receive a commission from the Seller. 3. Guarantee 3.1 Koller shall rescind the purchase (subject to Sections 3.2 and 3.3 below) in the name of the Seller and shall reimburse the purchase price and the surcharge (incl. VAT) to the Purchaser if an item proves to be a forgery. A “forgery” shall be deemed to exist if the item, in the reasonable opinion of Koller, is an imitation created with the intention of causing a deception with respect to the authorship, age, period, culture or origin, if the correct description of such content is not reflected in the auction catalogue (taking account of any additions), and if this circumstance significantly impairs the value of the item in comparison to an item corresponding to the catalogue description. An item shall not be deemed to have been forged if it is merely damaged and/or has been subjected to restoration work and/or modifications of any nature whatsoever. 3.2 A rescission in accordance with the above provision shall not take place at the discretion of Koller if: i. the description of the item in the auction catalogue was supported by the view of a specialist or by the prevailing view of specialists, or if the description in the auction catalogue suggested that differences of opinion exist in this respect; ii. the forgery was not identifiable as such at the time of the successful bid in accordance with the current state of research and with the generally acknowledged and usual methods, or only with disproportionate effort; iii. the forgery (based on Koller’s conscientious assessment) was produced before 1880; or iv. the purchased item is a painting, watercolour, drawing or sculpture which according to the details set out in the auction catalogue was created prior to 1880. 3.3 The Purchaser may request rescission from Koller (as the agent of the Seller) from the day of the successful bid for a period of two (2) years (three (3) weeks for jewellery). It shall be granted exclusively to the Purchaser and may not be assigned to any third party. Assertion of the claimshall be conditional upon the Purchaser making a complaint to Koller by registered letter immediately after the discovery of the defect, and returning the purchased item to Koller in the same condition as it was handed over to him and unencumbered by third parties› claims. The Purchaser must provide proof that the item is a forgery. Koller may demand that the Purchaser obtains at his own expense expert opinions from two independent individuals who are recognised experts in the field. However, Koller shall not be bound by any such expert opinion, and reserves the right to obtain additional expert advice at its own expense. 3.4 Koller may at its complete discretion waive the assertion of grounds for exclusion pursuant to the above Section 3.2 or the fulfilment of preconditions pursuant to the above Section 3.3. 3.5 The claims of the Purchaser against Koller as the agent of the Seller under Section 3.1 are limited to the reimbursement of the purchase price and surcharge (incl. VAT) paid by the Purchaser. Further or other claims of the Purchaser are excluded under any legal title (including error according to art. 23 ff. CO) whatsoever. 4. Disclaimer 4.1 The items are auctioned in the condition existing at the time of the successful bid. The auctioned items are “used” objects and are therefore generally not in pristine condition. 4.2 Each item in the auction catalogue is listed with a description and an illustration. The information in the auction catalogue, as well as the condition reports issued by Koller, are intended to provide an overall impression and a non-binding assessment by Koller. The items are described to the best of our knowledge and belief. However, Koller cannot accept any liability for the details provided in the catalogue. The items may be inspected during the preview. The Purchaser is therefore invited to inspect an item prior to the auction and, possibly with the assistance of an independent specialist advisor, to form his own opinion of the concordance between the itemand the catalogue description. Concerning the descriptions of the items, the German-language print edition of the catalogue (including any later amendments) shall be exclusively applicable. Koller reserves the right to call upon experts or specialists of its choice to give an opinion and to rely on that opinion. Koller cannot be held liable for the correctness of such opinions. Neither any such expert opinions or reports, nor the descriptions of items provided by Koller, nor other statements pertaining to an item (including statements pertaining to the value thereof) constitute explicit or implicit warranties. 4.3 Subject to Article 3 above, no guarantee or warranty whatsoever is given in respect to legal and material defects. The liabilities of the Seller vis-à-vis the Purchaser are limited to the same extent as the liabilities of Koller vis-à-vis the Purchaser. 5. Participation in the auction 5.1 Any party may participate in an auction as a bidder. However, Koller reserves the right at its complete discretion to prevent any person entering its premises or attending or participating in its auctions. 5.2 Bidders who are not personally known to Koller must register at least 48 hours before the auction, using the formprovided for thispurpose. The registration form must be signed, with legal effect, and a copy of the bidder’s passport must be enclosed, as well as current, valid credit card information. In the event of payment default by the Purchaser, Koller shall be entitled to charge the Purchaser’s credit card in accordance with the details provided on the registration form for the entire amount of the invoice, plus the credit card processing fees. 5.3 Koller may demand in advance from any bidder a certificate of creditworthiness issued by a bank approved by Koller. 5.4 In the case of bids for items with upper estimated values of more than CHF 30 000, Koller may demand that the bidder first remits 20% of the lower estimated value as security. Following the auction, Koller will offset this sum against its claims and the claims of the Seller, and will reimburse any possible surpluses to the Purchaser/bidder without delay. 6. Auction 6.1 Koller may initiate the auctioning of an item below the minimum selling price agreed upon with the Seller. A bid placed at an auction is a binding offer. The bidder shall remain bound by his bid until this is either outbid or rejected by Koller. Double bids shall immediately be called once again; in case of uncertainty, the auction management shall decide. 6.2 Koller may refuse a bid without providing