Auction of a watchmaking workshop

NO RESERVE PRICE & NO RETURN

IMPORTANT NOTICES

STATEMENT OF CONDITION
Antiquorum provides descriptions of watches, clocks and jewelry and their condition in this catalogue as a service to prospective buyers. Any
such description or condition are statements of opinion for general guidance and should not be treated as statements of fact. All lots are sold
“AS IS” at the moment of “knockdown” and cannot be returned on the grounds that repairs have been made or parts supplied by anyone than
the named makers. All watches and jewelry shall be viewed personally to evaluate their condition prior to the auction.

Although we endeavor to mention in our descriptions significant defects, needed repairs, absent stones and the like, we do not guarantee that the descriptions are comprehensive.
Please note that descriptions may not specify all mechanical and technical defects, replacement of original parts, or authenticity of individual component parts (such as wheels, hands, crowns, crystals, screws, bracelets, buckles, deployant clasps and leather
bands since subsequent repairs and restoration work may have resulted without Antiquorum’s knowledge.)

Furthermore, we make no judgments as to whether diamond dials, diamond bezels and precious stones originated at the factory or are later additions.
We do not guarantee the accuracy or operation of any watch function such as timekeeping, chronograph, calendar, repeat or register. Buyers
are advised that boxes, certificates or any other accessories are not available unless stated otherwise.

The dimensions given in the catalogue descriptions are overall tip-to-tip and most often include the lugs. Buyers of water-resistant and waterproof
watches are strongly encouraged to have such watches inspected by a competent watchmaker of their choice upon purchase since these
watches have been opened by the Antiquorum watch experts during cataloging.

Watches and jewelry may not be taken apart whilst on view without consent of Antiquorum’s watch experts.
Antiquorum will accept requests for condition reports with additional photographs via email at geneva@antiquorum.swiss. To best
accommodate any requests, please submit all inquiries no later than two days prior to the sale date. Kindly limit the number of requests to the
lots of serious interest. Antiquorum shall have no responsibility for any error or omission in the condition reports and may not specify
all mechanical and technical replacements, imperfections, repairs, restorations or the effects of aging in the movement, case or dial.

• Antiquorum Geneva now takes credit cards as payment for lots won at auction.
• 1.8% service charge for MasterCard and Visa and 2.05% charge for American Express.
• For buyers having paid by credit card, a shipping delay of 3 to 7 working days may apply in order to do additional controls.

BUYER’S PREMIUM
In addition to the hammer price, the buyer’s premium is payable as follows: 25% of the hammer price on each lot up to and including CHF 400,000, 20% from CHF 400,001 to CHF 4,000,000 and 12% for all
amounts in excess of CHF 4,000,001.

IMPORT/EXPORT RESTRICTIONS AND TAXES
Buyers are advised that Antiquorum will remove bands made of materials derived from endangered or otherwise protected species (i.e. alligator, caiman, lizard, snake…) prior to shipping lots abroad.
Buyers are responsible for compliance with any applicable export and import regulations. Moreover certain items made of tortoiseshell, ivory, coral may be subject to importation restrictions in certain countries. Please consult your local customs authority for information on importing items made of these materials. The Buyer is responsible for the payment of all applicable import and export duties and taxes related to the lots purchased.

SHIPPING AND INSURANCE
Winning lots (watches and jewelry only) will be available for pick up at our Geneva office for buyers having selected the collect point Geneva and at our Hong Kong office for buyers having selected the collect point Hong Kong.

All others will be shipped directly to their location as per buyer‘s instructions.
Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation to their respective countries

IMPORTANT NOTICE – SPECIAL CONDITIONS

The lots are sold “as is”, described to the best of our knowledge and cannot be returned.
Please look carefully at all the photos as they are an integral part of the description. Any defect not mentioned in the descriptions but visible on the photos will be considered as described and cannot lead to any claim.

The dimensions are given as an indication and may slightly differ from the measures mentioned by the manufacturers especially for contemporary watches. The photos are not retouched. Colors may differ from reality.

For timepieces, we guarantee neither the functioning nor the precision of the movement, nor the water-resistance of the case. In addition, please note that movements, parts of mechanisms or cases may be incomplete.

THE AUCTION PROCESS
The auction process is not as daunting as you may think, especially if you have selected Antiquorum as your auctioneer. Antiquorum and its team of experts strive to help you, the client, buy and sell at auction with ease and confidence. To walk you through the
process, Antiquorum has outlined the important steps you should know in order to successfully purchase or consign timepieces and jewelry at auction.

THE AUCTION CATALOGUE

THE BUYER
Lot descriptions provide technical data carefully compiled by our experts for each lot in the sale and are often enhanced by historical or bio graphical
comments.

• Estimates are listed at the end of each lot description and are an indication of the price range the lot is expected to fetch. Estimates do not
include the buyer’s premium or sales tax.
• An estimate indicated by three stars ***, advises clients to contact Antiquorum for more information.
• Condition Reports are given for each lot in the catalogue based on a grading system developed by Antiquorum’s experts. This grading system is described in the lot.
• Buyers are advised to read the Conditions of Sale and Important Notices (at the end of the auction catalogue or online) before
bidding at auction.
• Auction catalogue can be viewed at www.antiquorum.swiss .

REGISTERING TO BID IN THE AUCTION

Each client wishing to bid at auction is required to register at the latest two hours before the sale.

CURRENCY CONVERSION
Auctions are conducted in Swiss Francs in Geneva, and in HK Dollars in Hong Kong.

BIDDING INCREMENTS
Bidding usually opens at the minimum price for which the lot can be sold, and advances in increments.

LOTS SOLD WITHOUT RESERVE
When the entire first part of the description is in red, this indicates that the lot is to be sold without reserve, as is also stated beneath or alongside the description.

PAYMENT
Payment for purchased lots at any Antiquorum auction is due within 7 days of the sale date.

• For traditional auctions, the buyer’s premium is: 25% of the hammer price on each lot up to and including CHF 400,000, 20% from CHF 400,001 to
CHF 4,000,000 and 12% for all amounts in excess of CHF 4,000,001.
• Extended payment terms or special credit terms can be arranged on occasion.
• For information regarding payment policies, please contact accounting
department at Antiquorum Geneva, tel. +41 (0) 22 909 28 50.
• PAYMENT METHODS
Payment may be submitted in cash, by wire transfer, check (not applicable with Antiquorum Geneva) or credit card (restrictions apply).

• WIRE TRANSFER Please refer to the wire transfer instructions as shown on your customer invoice.

• CASH is limited to the equivalent of CHF 10,000.
• CREDIT CARDS Major credit cards are accepted (1.8% service charge for MasterCard and Visa and 2.05% charge for American Express).

COLLECTION
For collection of lots purchased, the buyer will need to contact Antiquorum with instructions. Collection of purchased lots can only take place once
the invoice has been paid in full. For more details, contact Antiquorum Geneva, tel. +41 (0) 22 909 28 50.

SHIPPING & INSURANCE
Winning lots (watches and jewelry only) are available for pick up at our Geneva office for buyers having selected the collect point Geneva and at our Hong
Kong office for buyers having selected the collect point Hong Kong. All others will be shipped directly to their location as per buyer‘s instructions.
Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation
to their respective countries.

1% of the hammer price plus premium will be charged to cover the insurance liability, as according to law once the hammer falls the buyer is responsible
for the insurance of the lot.

Please note Antiquorum is not responsible for shipping clocks, furnitures, voluminous and/or fragile items. Our shipping department will assist you in choosing a third party crating service.

ONLINE BIDDER REGISTRATION

On Antiquorum’s fully secure website, www.antiquorum.swiss, the following steps must be completed by prospective buyers:

• Register, providing the bidder’s name, address, telephone number, email address, and a requested credit limit for online bidding.

NOTE: First time bidders are required to provide a valid ID (passport, identity card or driver licence). In some cases, Antiquorum may impose a credit limit to the online applicant, in which case the amended credit limit will be communicated to the client upon receipt of the registration form.
• Accept Antiquorum’s terms and conditions of sale.

• By clicking on “Confirm bid ” I accept the sale terms and conditions

• Approved bidders will receive an email confirmation. Once the auction catalogue is available online, prospective buyers can register online bids.
For additional information about the online bidding system, terms and conditions of use and sale, please visit www.antiquorum.swiss.

ONLINE BIDDING
Antiquorum’s fully secure online bidding system allows prospective buyers to place online bids directly through www.antiquorum. swiss for all traditional auctions worldwide.

THE SYSTEM OFFERS MANY FEATURES TO FACILITATE

THE ONLINE BIDDING PROCESS:
• The lot number with its image and description.
• Auction items have a “Place Bid” button next to a box for entering bids and show a “current bid” price.
• Lot items are open to bids for a predetermined amount of time (countdown).
• When time is up, the item is declared “sold” to the highest bidder.
• If the maximum bid you entered is higher than the bids entered by anyone else so far, you become the new high bidder. The system bids on your behalf until you are outbid.
• If your maximum bid is not the highest bid entered so far, the system registers your bid but continues to bid on behalf of the high bidder, automatically outbidding you by one bid increment.
• The system continues to automatically bid on behalf of whoever is the highest bidder at the moment, up to and including their maximum, until the lot auction countdown runs out.
• The system will automatically increase your bid by the bid increment, only if you have been outbid, until it reaches your MAXIMUM BID.
• Changing your bid: You may change your bid at anytime between the posting
date and the closing date, but cannot be deleted
• Once the bid is placed it cannot be cancelled
• Antiquorum cannot be held responsible for errors, omissions in the online system
• Lots in this sale are sold as is and cannot be cancelled or returned

CONDITIONS OF SALE
The auction is a public auction held by Antiquorum Genève SA (hereinafter “Antiquorum”) on behalf of the consignors of the lots being sold. A person’s participation in the auction and/or purchase of any lots constitutes an agreement to be bound by these Conditions of Sale as well as all rights and obligations arising there from. The Important Notices contained in this catalogue are deemed to be a part of these Conditions of Sale and are hereby incorporated in their
entirety into these Conditions of Sale. Except as amended by Antiquorum in its sole and absolute discretion by the posting of notices or otherwise, these Conditions of Sale together with the Important Notices and the other contents of this catalogue constitute a full recitation of the terms and conditions under which sales are conducted and may not be amended except in a writing acknowledged by Antiquorum. Unless otherwise
agreed in writing by Antiquorum these Conditions of Sale shall apply to auction sales as well as all other sales made by Antiquorum. Antiquorum accepts no
responsibility for and shall not be liable for any defaults by any Buyers or Consignors.

1.LOTS OFFERED FOR SALE
Before the sale, all lots may be examined. All interested persons including, without limitation, bidder’s representatives and auction agents are understood to have examined all lots
which they purchase and to accept them as they are at the moment of the bidding not necessarily as described in any written material or oral communications. Those persons interested in purchasing any
of the lots being sold shall be responsible for examining the lots personally to confirm their actual condition. All lots are sold “as is” according to their condition at the moment of the adjudication. Buyer acknowledges that it is the responsibility of buyer to fully inspect each lot before bidding and hereby represents that the amounts bid for any lot are based solely on buyer’s own independent inspection and evaluation of that lot.

Important notice : The lots are sold “as is”, decribed to the best of our knowledge and cannot be returned. The buyer must look carefully at all the photos as they are an integral part of the description. Any defect not mentioned in the descriptions but visible on the photos will be considered as described and cannot lead to any claim.
The dimensions are given as an indication and may slightly differ from the measures mentioned by the manufacturers especially for the contemporary watches. The photos are not retouched. Colors may differ from reality.

Antiquorum has included in the catalogue estimates of the value of the lots to be sold. Such estimates have been developed using such experts, tests and other methods as Antiquorum has deemed in its sole discretion to be appropriate under the circumstances. Antiquorum shall have no liability whatsoever relating to estimates of value attributed to the lots and all participants in the auction shall be responsible for reaching their own conclusions as to the value of the lots. Neither

Antiquorum nor the consignor is responsible for any errors and omissions in the catalogue or any advertisements or other written material, it being understood that any description or statement therein does not constitute a warranty or
representation and is provided for identification purposes only.

Lots are subject to reserve price. All lots are sold without any representations or warranties by Antiquorum or the consignor as to merchantability, fitness for a particular purpose, rarity, importance, the correctness of the catalogue or other description concerning the author, maker, origin, period, age, attribution, authenticity, provenance, weight or condition of any object. No
statement (whether oral or written, made in the catalogue, an advertisement, a bill of sale, posting, announcement or elsewhere) whether made by any employee or agent of Antiquorum shall be deemed to be a warranty, representation or assumption of liability. Neither Antiquorum nor the consignor have any responsibility whatsoever for any defect in or deterioration of any lot.

WATCHES & CLOCKS
(i) Almost all clocks and watches are repaired in their lifetime and may include parts which are not original. We do not give a warranty that any individual component part of any watch or clock is authentic. Clocks may be sold without pendulums, weights or keys. (ii) As collectors’ watches and clocks often have very fine and complex mechanisms, a general service, change of battery or further repair work may be necessary, for which you are responsible. We do not give a warranty that any watch or clock is in good working order. Certificates are not available unless described in the catalogue. (iii) Most watches have been opened
to find out the type and quality of movement. For that reason, watches with water resistant cases may not be waterproof and we recommend you have them checked by a competent watchmaker before use.

JEWELLERY
(i) Coloured gemstones (such as rubies, sapphires, emeralds….) may have been treated to improve their look, through methods such as heating and oiling. These methods are accepted by the international jewellery trade but may make the gemstone less strong and/or require special care over time. (ii) All types of gemstones may have been improved by some method. We do not obtain a
gemmological report for every gemstone sold in our auctions. Where we do get gemmological reports from internationally accepted gemmological laboratories,
such reports will be described in the catalogue. Because of differences in approach and technology, laboratories may not agree whether a particular
gemstone has been treated, the amount of treatment or whether treatment is permanent. The gemmological laboratories will only report on the improvements
or treatments known to the laboratories at the date of the report. (iii) For jewellery sales, estimates are based on the information in any gemmological report or,
if no report is available, assume that the gemstones may have been treated or enhanced.
Any lot sold at auction may be affected by laws on exports from the country in which it is sold and the import restrictions of other countries. Many countries require a declaration of export for property leaving the country and/or an import declaration on entry of property into the country. Local laws may prevent you from importing a lot or may prevent you selling a lot in the country you import it into.

Be aware that gold of less than 18ct does not qualify in all countries as ‘gold’ and may be refused import into those countries as ‘gold’.

2.WARRANTY

Antiquorum warrants that, upon the consummation of the sale of any lot under the terms and conditions contained in this catalogue, clear and unencumbered right, title and interest in and to such lot shall pass to the buyer.

For timepieces, we guarantee neither the functionning nor the precision of the movement, not the water-resistance of the case. In addition, please note that movements, parts of mechanisms or cases may be incomplete.

3.THE ONLINE AUCTION
Once the onlinde bid is placed by the bidder, it cannot be cancelled. The purchase price payable by a buyer will be the sum of the final bid price plus the buyer’s premium, together with any applicable sales or compensating use tax. In addition to the hammer price, the buyer’s premium is payable as follows:
25% of the hammer price on each lot up to and including CHF 400,000, 20% from CHF 400,001 to CHF 4,000,000 and 12% from CHF 4,000,001. Antiquorum may in its sole and absolute discretion and at any time withdraw, group differently or divide any lot included for sale and shall have no liability whatsoever for the same. Antiquorum reserves the right to refuse any bids in its full and absolute discretion. In the event of any dispute between bidders, or any other issue with respect to the bidder, Antiquorum will have absolute discretion to determine the successful bidder, to cancel the sale or to reoffer and resell the article in dispute.
Any person bidding for the account of a third party is fully liable for any obligation assumed by such person relating to the sale. This liability includes, without limitation, the verification of the condition and valuation of lots and the payment for lots
purchased. Antiquorum is not responsible for failing to execute such bids or for any errors or
omissions in connection therewith.

Auction items have a “Place Bid” button next to a box for entering bids and show a “current bid” price.

Lot items are open to bids for a predetermined amount of time (countdown).

When time is up, the item is declared “sold” to the highest bidder.
If the maximum bid you entered is higher than the bids entered by anyone else so far,you become the new high bidder. The system bids on your behalf until you are outbid.
If your maximum bid is not the highest bid entered so far, the system registers your bid but continues to bid on behalf of the high bidder,
automatically outbidding you by one bid increment.
The system continues to automatically bid on behalf of whoever is the highest bidder at the moment, up to and including their maximum, until the lot auction countdown runs out.

Once the bid is placed it cannot be cancelled.

Lots in this sale are sold as is and cannot be cancelled or returned.

4.PAYMENT
Title to the offered lot passes to the buyer upon the lot declared as “sold” and the announcement by the Auctioneer that the lot has been sold, subject to compliance by the buyer with all other conditions of sale, including full payment as required hereunder. Buyer shall have no right to revoke acceptance of any lot once the bid is placed.

The buyer thereupon assumes full risk and responsibility for the lot. The buyer shall immediately pay the full purchase price, buyer’s commission and all applicable sales and other taxes in Swiss francs using a method of payment acceptable to auctioneer (including Swiss currency, bank wire). Payment in foreign currencies is accepted at the rates of exchange of the day of sale as determined by Antiquorum. Lots are delivered to the buyer only upon the full
payment of all such amounts. Shipping and packing arrangements and charges are the sole responsibility of the buyer. After payment has been made in full, Antiquorum may, as a service to the buyer, arrange to have the purchased lots packed, insured and shipped at the buyer’s request and expense. In this event, the buyer agrees that all said packaging, handling and shipping is at the sole risk of the buyer and that Antiquorum shall have no liability for any loss or damage to the purchased lots. Antiquorum may move the property to an off-site storage at the risk of the buyer. Buyer will be required to pay all applicable taxes, or fees levied by any authority (unless Antiquorum receives satisfactory proof of exemption, to be determined in Antiquorum’s sole discretion).
A 7,7% VAT is applicable to each sale. VAT will be entirely refunded upon receipt of an export declaration validated by the Swiss Federal Customs Administration.
It is expressly agreed that consignor shall only receive payment for a lot provided Antiquorum has received full payment from buyer, including such lost commissions and administrative and handling charges.

5.REMEDIES, APPLICABLE LAWS AND JURISDICTION
To the extent that any other information or provision set forth in this catalogue is inconsistent with the Conditions of Sale, the Conditions of Sale shall be controlling.
If the buyer fails to comply with any of these Conditions of Sale, Antiquorum may (in addition to asserting all remedies available by law), (i) hold such defaulting buyer liable for the purchase price; (ii) cancel the sale; (iii) resell the property without reserve at public auction or privately on seven days’ notice to the buyer;
(iv) pay the consignor an amount equal to the net proceeds payable in respect of the amount bid by the defaulting buyer and then resell the property to a third party without reserve at public auction or privately on fifteen (15) days written notice to such buyer; or (v) return the lot to the consignor, provided forty-five (45) days have elapsed and no payment has been received from buyer; or (vi) take such other action as Antiquorum deems necessary or appropriate. If Antiquorum resells the property pursuant to clause (iii) or (iv) above, the defaulting buyer shall be liable for the payment of any deficiency between the purchase price and the
price obtained upon resale and all costs and expenses, including administration, handling, insurance, warehousing, the expenses of both sales, reasonableattorneys’ fees, commissions, incidental damages and all other charges due hereunder. In the event that such buyer pays a portion of the purchase price for any or all lots purchased, Antiquorum shall apply the payment received to such lot or lots as Antiquorum, in its sole discretion, deems appropriate.

Any buyer who fails to comply with these Conditions of Sale will be deemed to have granted Antiquorum a security interest in, and Antiquorum may retain as collateral security for such buyer’s obligation to it, any property in Antiquorum’s possession owned by such buyer. This security interest secures the principal amount of any such claim and also any outstanding or accruing interest, commissions, costs and all other fees as well as any and all damages suffered by Antiquorum. Antiquorum is entitled, but not obliged, to realize freely the security interests without further formalities and without previous notice to the buyer who is in default of payment on his debt or in the fulfilment of any other obligation hereunder. In any event, Antiquorum will be entitled to realise its security on a private treaty basis. For this purpose, Antiquorum is not bound to comply with the the formalities of the Federal Law dealing with actions for debt and bankruptcy
proceedings ; in addition, Antiquorum may choose to institute or proceed with the usual proceedings witjout having beforehand sold the secured goods and without having moreover given up its rights to them.

Payment will not be deemed to have been made in full until Antiquorum has collected sufficient funds. In the event the buyer fails to pay any or all of the total purchase price for any lot and Antiquorum nonetheless elects to pay the consignor any portion of the sale proceeds, the buyer acknowledges that Antiquorum shall have all of the rights of the consignor to pursue the buyer for any amounts paid to the consignor, whether at law, in equity, or under these Conditions of Sale.

The buyer’s sole and exclusive remedy against Antiquorum and the consignor shall be the rescission of the sale and the refund of the original purchase price paid for the lot. This remedy shall be in lieu of any other remedy which might otherwise be available as a matter of law, and neither Antiquorum nor the consignor shall be liable, in whole or in part, for any special, incidental or consequential damages, including, without limitation, loss of profits.
By bidding at the auction, whether present in person or by agent, by internet, the buyer shall be deemed to have consented to the following: this agreement shall be interpreted and enforced according to Swiss law by the Courts of the Canton of Geneva and the buyer
hereby irrevocably and unconditionally submits to the exclusive jurisdictions of the Courts of Geneva, subject to appeal to the Swiss Federal Court, over any suit, action or proceeding arising out of or relating to this agreement. The buyer hereby
irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. The buyer agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the buyer and may be enforced in any other courts to whose jurisdiction the buyer is or may be subject, by suit upon such judgment;
• No waiver, delay, modification or breach of any provision of this agreement by Antiquorum shall constitute a waiver of any preceding or succeeding breach of the same or any other provision hereof.
• If any part or provision of this agreement is, for any reason, adjudgedunenforceable, such adjudication shall in no way affect any other part or
provision of this agreement or the validity or enforcement of the remainder of this agreement, and the part or provision affected shall be curtailed or altered only to the minimum extent necessary to make it conform to the applicable law.