TERMS AND CONDITIONS OF AUCTION

1.) The items are sold on behalf and for

the account of third parties. The sale

will prepared, conducted and processed

by Beurret Bailly Widmer Auktionen AG

(hereafter referred to as Artcurial

Beurret Bailly Widmer).

2.) The buyer shall pay a premium of

25 % on the hammer price per lot. For

successful internet live bidders using

the external bidding platforms Drouot and

Interencheres there is an additional fee

of 3 % (plus VAT) applicable.

3.) In each case, value-added tax

amounting to 8,1 % shall be payable on

the buyer’s premium. In the case of items

which are indicated with “*” in the

catalogue or on a supplementary sheet (or

which are referred to accordingly during

the auction), VAT shall also be charged

on the hammer price. If these items are

exported abroad, the buyer shall be

refunded the VAT, if he produces a legally

valid export declaration bearing the

original stamp of the Swiss customs office

for the relevant object of purchase.

4.) Each lot is sold with all the

faults and imperfections set out in the

description and the auction house declines

any responsibility, both for itself and

for the seller, for authenticity, age,

origin, condition and quality. Catalogue

descriptions and written or verbal

statements are deemed to be statements

of opinion and not a statement of facts.

It is assumed that buyers shall satisfy

themselves of the authenticity, condition,

etc, of the items prior to the auction,

when they are on display.

5.) It is solely up to the auctioneer’s

discretion to offer items separately or

to offer two or more items together, to

withdraw items, to reject bids, and to

basically determine the course of the

auction. The auctioneer reserves the

right to bid himself, in order to preserve

buying orders, his own buying intentions

and/or selling limits.

6.) The lot shall be won by the highest

bidder. In the event of disputes, the

auctioneer shall immediately offer the

item or items again.

7.) If the reserve price is not reached,

the lot shall not be knocked down to

anybody on the fall of the hammer, and the

item shall be passed over.

8.) The payment is to be made to the

auction house’s bank account.

9.) Bids from customers who are not

personally known to the auction house

may be rejected, if the customer has not

previously provided the auction house with

an adequate deposit or a bank reference.

The auction house is entitled to reject

such bids.

10.) The auction house insists that all

bidders use a number instead of their name

when bidding.

11.) Bidders who do not attend the

auction in person may leave their bids in

writing with the auction house. The prices

indicated on the relevant auction forms do

not include the buyer’s premium and other

charges. Amendments can only be submitted

in writing and no later than the day

before the auction.

12.) Bids are usually made during the

auction in person and directly by means

of a clear announcement to the auctioneer.

Bidding is also possible in writing

(absentee bid by postal letter, e-mail or

fax) or live on the phone. Registration

for such must be submitted at the latest

24 hours before the auction starts ad

is subject to the acceptance of the

auction house. Any conditions added by

the bidder shall be invalid. Live bdding

/ bidding in the internet is possible

via the website of the auction house,

via the corresponding app or via the

external bidding platforms accepted by

the auction house. Bidding via an external

bidding platform will result in a 3 %

increase of the buyer’s premium. Telephone

bidders, only a limited number of which

are permitted at the discretion of the

auction house, shall also notify the

auction house of all details in writing

(personal particulars, accessibility by

telephone, numbers of interest, etc.) no

later than 24 hours prior to the start of

the auction. The telephone bidders agree

to the auction house being allowed to

record the bid submitted by telephone and/

or the corresponding telephone call. Any

liability of the auction house for both

written bids as well as telephone bids and

online bids is excluded.

13.) The title and the risk shall pass

to the buyer on the fall of the hammer.

The items bought at auction cannot either

be disposed of, nor can they be collected

or taken away, prior to the end of the

auction. Payment and collection shall

be effected within seven days at the

buyer’s risk. If payment is not effected

within seven days of the purchase, default

interest of 1 % per month shall be payable.

The buyer shall assume the entire risk

for all items which are not collected,

and shall pay a storage fee of at least

CHF 10 per lot and day after two weeks.

If the goods are not collected by the

buyer in person, written authority shall

be required. On request, the auction

house shall also instruct a carrier

and arrange delivery of the items. All

of the associated costs for packaging,

transportation, customs and insurance

shall be borne by the buyer.

14.) If payment is not made or is not

made on time, the auctioneer may either

demand the fulfilment of the contract of

sale or cancel the winning bid at any time

without setting a further deadline. It is

agreed that the auction house shall have

a right of retention and pledge regarding

all of the assets in the possession of the

auction house or of a company affiliated

with the latter, until payment of all the

amounts due (arising from any transaction

whatsoever, in particular the hammer

price, buyer’s premium, VAT, costs and any

default interest) has been made in full.

Payment by cheque shall only be deemed

to have been made when the payment has

been credited to the auction house’s bank

account.

15.) Everyone entering the showrooms and

auction rooms does so at their own risk.

The auction house cannot be held liable

for any injuries or accidents.

16.) Each visitor is liable for any

damage caused by him to the lots.

17.) These terms and conditions are part

of each individual bid and the contract

of sale concluded by the auction house.

Amendments shall only be valid in writing.

18.) The seller accepts the

applicability of Swiss law and the

selection of jurisdiction in Basel-Stadt.

19.) Only the German version of these

auction terms and conditions shall prevail.

20.) The auctioneers in charge are:

Reto Monticelli (Basel and St. Gallen),

Nicolas Beurret (Basel), Emmanuel Bailly

(Basel) and Markus Schoeb (St. Gallen).

21.) Auction management: Gantbeamtung

Base-Stadt (only for sales taking place in

Basel-Stadt)

SPECIAL CONDITIONS FOR

ONLINE AUCTIONS

22.) The online auction will be

conducted through the online platform

and app of Artcurial Beurret Bailly

Widmer as well as through https://invaluable.

com. The buyer shall pay a premium of

25% on the hammer price per lot. By

using this website or the Internet-based

participation in auctions via the online

auction platform and app of Artcurial

Beurret Bailly Widmer the bidder confirms

that they are aware of and accept the

general terms and conditions of Artcurial

Beurret Bailly Widmer.

23.) The same terms and conditions

of live auctions also apply to online

auctions, see paragraphs 1–21, with the

following special features.

24.) For payments made by credit card,

an additional fee of between 3 % and 4 %

shall be charged to the total amount of

the invoice (and will also be debited to

the credit card). Crecit card payments

are only accepted for purchases at online

auctions.

25.) For online auctions, bids can

only be submitted via the online auction

platform after prior registration at

https://bbw-auktionen.com, the corresponding

app or externally via invaluable.com.

Bidders may submit their bids for objects

in the online auction catalogue during

the entire bidding period providing they

have a valid registration with any of the

accpeted online auction platforms. Auction

bids submitted in any other form (i.e. by

e-mail, fax or postal service) cannot be

considered.

26.) It is at the sole discretion of

Artcurial Beurret Bailly Widmer to refuse

an application or registration or to

exclude a bidder from participation in an

online auction.

27.) The highest bid in the online

auction will be accepted, resulting in a

binding contract of purchase between the

seller and the buyer.

28.) Neither the bidder nor the buyer

have any right of revocation, not towards

the seller and not towards Artcurial

Beurret Bailly Widmer.

29.) The server for online and live

auctions of Artcurial Beurret Bailly

Widmer is hosted in the USA. In case of

bidding limits being set and in the event

of a dispute being opened, the data will

again be transmitted to the external

server, separately from the registration

proces.

30.) The privacy policy on the website

is a binding part of these terms and

conditions.

31.) Artcurial Beurret Bailly Widmer is

not liable for the failure or malfunctions

of it’s website or any of the involved

online auction platforms. In particular,

Artcurial Beurret Bailly Widmer shall

not be liable for any technical problems

resulting in the failure of transmissions,

bids being transmitted incorrectly or bids

being registered late.

SPECIAL CONDITIONS BASEL WATCH AUCTION

1.) All watches, wristwatches and pocket

watches are sold on the basis of their

decorative and historic value and should

not be assumed to be operative. They are

sold as viewed and cannot be returned on

the grounds that repairs have been carried

out or parts supplied by anyone other than

the named makers. Clients are advised

that they should arrange for a qualified

watchmaker to inspect all potential watch

purchases prior to the auction or an

Artcurial Watches expert may be contacted

with a view to arranging an inspection.

2.) Watches may not be taken apart

whilst on view. Prospective buyers or

their agents wishing to do so should make

an appointment with the Watch Expert for

a private view the week before the sale.

Although condition reports may be given

on request, such reports are statements of

opinion only and may not specify all mechanical

replacements or imperfections in

the movement, case, and dial. All dimensions

are approximate.

3.) Watches in water-resistant cases

have been opened to examine movements but

no warranties are made that the watches

are currently water-resistant.

4.) Please be advised that straps made

of material derived from endangered or

otherwise protected species (i.e. alligator

and crocodile) are not sold with

the watches and are for display purposes

only. We reserve the right to remove these

straps prior to shipping. Furthermore, in

reference to watch bands, we do not guarantee

the material of manufacture. Please

be advised that the purchaser will be responsible

for complying with any applicable

export and import matters.

5.) We make no representation or warranty

as to the condition of any lot sold.

6.) In response to your inquiry, we are

pleased to provide you with a general report

of the condition of the property described

above. All dimensions in catalogue

descriptions are approximate.

7.) Condition reports may not specify

mechanical replacements or imperfections

to the movement, case, dial, pendulum,

separate base(s) or dome.

8.) Please note that we do not guarantee

the authenticity of any individual

component parts, such as wheels, hands,

crowns, crystals, screws, bracelets, and

leather bands, since subsequent repairs

and restoration work may have resulted in

the replacement of original parts. Since

we are not professional conservators or

restorers, we urge you to consult with a

restorer or conservator of your choice who

will be better able to provide a detailed,

professional report.

9.) Prospective buyers should inspect

each lot to satisfy themselves as to

condition and must understand that any

statement made by Artcurial Beurret Bailly

Widmer is merely a subjective, qualified

opinion.

10.) Prospective buyers should also refer

to any Important Notices regarding this

sale, which are printed in the Sale Catalogue.

In particular, please note it is the

purchaser's responsibility to comply with

any applicable import and export matters,

particularly in relation to lots incorporating

materials from endangered species.

11.) Notwithstanding this report or any

discussions concerning a lot, all lots

are offered and sold "as is" in accordance

with the conditions of business printed in

the sale catalogue.