GENERAL TERMS AND CONDITIONS OF SALE

The present auction is a public auction held by Antiquorum Management AG (hereinafter Antiquorum) in collaboration with MC Luxury Auction S.A.M. (hereinafter MC Luxury Auction) in Monaco. Participation in the auction and / or the purchase of any lot implies full adherence to all the rights and obligations arising from these terms and conditions of sale. The “Important Notices” contained in this catalogue are considered an integral part of these “General Terms and Conditions of Sale”. The conditions of sale, important notices and the contents of the catalogue may only be amended by Antiquorum and MC Luxury Auction by written or oral notices. Antiquorum and MC Luxury Auction act exclusively as agents and therefore assume no liability in the event of default(s) by the purchasers and / or sellers. These same conditions are applicable to any transaction relating to items or lots forming part of the auction and concluded outside the auction. The auction is conducted by a huissier de justice (hereinafter bailiff) in Monaco who will pronounce the bids, ensure that the bids are correctly made and more generally take all necessary measures to maintain order during the sale. The bailiff reserves the right at his sole discretion, and without obligation to justify his decision, to continue or stop the sale, to withdraw one or more lots, to accept or refuse a bid, to proceed with any division, meeting or withdrawal of a lot. Generally speaking, the bailiff is fully competent to take decisions in order to settle any dispute arising at the time of the sale. The bailiff will read the essential clauses before the auction begins. The present conditions are available to any interested party. They are displayed in the sales room for the duration of the auction. Only the present French version of the “General Terms and Conditions of Sale” is authentic.

1. LOTS OFFERED FOR SALE

a. Estimates


Antiquorum and MC Luxury Auction have included in the catalogue estimates of the value of the lots offered for sale. These estimates were made following expert opinions, tests, and other methods that Antiquorum and MC Luxury Auction in their sole discretion deemed appropriate in the circumstances. Antiquorum and MC Luxury Auction will not, however, incur any liability under any cause whatsoever in respect of estimates of the value of the lots. Each auction participant will be responsible for making his own estimate of the value of the lots put up for sale.


b. Lots status


All lots are sold in the condition they are in at the time of sale with their imperfections and defects. No claims relating to customary restorations and small accidents will be possible. It is the responsibility of each future bidder to carefully examine each lot before the sale and to refer to his own judgement in order to take note of its characteristics and its possible repairs or restorations. No claims will be accepted once the adjudication has been pronounced.

Antiquorum and MC Luxury Auction can provide interested parties with a detailed report on the condition of the lots. In addition, lots may be examined before the sale at the times listed in the catalogue.

Any lot sold at auction may be affected by the export laws of the country in which it is sold and the import restrictions of other countries. Many countries require an export declaration for goods leaving the country and / or an import declaration upon entry of the goods into the country. Local laws may prevent you from importing a lot or prevent you from selling a lot in the country into which you are importing it. Please note that gold of less than 18 carats is not considered to be gold in all countries and can therefore sometimes be refused to be imported into these countries under the name “gold”.

WATCHES AND CLOCKS

(i) Almost all watches and clocks have undergone repairs and overhauls during their lifetime and may therefore possibly contain non-original parts. Antiquorum and MC Luxury Auction do not guarantee the authenticity of any component part of a watch or clock. The clocks can be sold without pendulums, weights or winding and time setting key. Pocket watches can also be sold without a key.
(ii) Collector’s watches and clocks often have very fine and complex mechanisms, an overhaul, a battery change or another repair work may be necessary. The purchaser is responsible for this. Antiquorum and MC Luxury Auction do not guarantee the correct functioning of a watch or a clock. Certificates and boxes are not available unless they are described in the catalogue.
(iii) Most watches and clocks have been opened to see the type and quality of the movement. For this reason, watches with waterresistant cases may not be water-resistant. It is recommended to have them checked by a competent watchmaker before use.

JEWELS

(i) Coloured gems (such as rubies, sapphires, emeralds, etc.) may have been treated to improve their appearance by methods such as heating or oiling. These methods are accepted by the international jewellery trade but may weaken the gem and / or require special care over time.
(ii) All types of gemstones may have been improved by any method. There is no gemmological analysis report for every gemstone sold, meaning they have not been tested by a recognized laboratory). When there is a gemmological analysis report from an internationally recognised laboratory, it is described in the catalogue. Due to differences in approach and technology, laboratories may disagree on whether a particular gemstone has been treated, the amount of treatment, or whether the treatment is permanent. The gemmological laboratories will only report on improvements or treatments known to the laboratories at the date of the report.
(iii) For jewellery sales, estimates are based on the information contained in any gemmological analysis report or, if no report is available, assume that the gems may have been processed or improved.

c. Description of the lots

Although every effort has been made to ensure the accuracy of the description of each lot in the catalogue, Antiquorum and MC Luxury Auction does not guarantee that such a description is perfectly accurate. Any statement, whether printed in the catalogue or not, in relation to, without limitation, the authenticity, provenance, origin, age, date, condition, estimated selling price, or quality of any lot, is only the assertion of an opinion and neither Antiquorum nor MC Luxury Auction will be liable for the accuracy of any opinion given.

2. AUCTION SALES

a. Bidding


Prior to the sale, potential buyers are invited to visit Antiquorum and MC Luxury Auction to register by providing their contact details and bank guarantees. A bidder’s number will be given to all registered bidders.

Anyone bidding during the sale is deemed to be acting on his or her own behalf and is therefore personally liable. If you are bidding on behalf of a third party, it is essential that you notify Antiquorum and MC Luxury Auction by providing a power of attorney, which must be registered.

The bidder acting on behalf of a third party is personally liable, in particular with regard to the obligations entered into within the context of the auction. This responsibility extends in particular to the verification of the quality of the lots purchased as well as the subsequent payment of the invoice for the lots purchased.

If interested parties cannot attend the auction, it is possible to bid directly by telephone. It is necessary to come forward at least 24 hours before the sale in order to register your bidding request by telephone. Given the limited number of telephone lines, Antiquorum and MC Luxury Auction reserve the right not to accept a telephone auction request. Therefore, they may not be held liable, in particular in the event of technical malfunctions or omissions and errors relating to the registration of bids by telephone.

In the event of absence at the time of the sale, interested parties may also place purchase orders (written bids). This is a free and confidential service. Antiquorum and MC Luxury Auction will be responsible for executing your purchase orders. It is the bidder’s responsibility to request written confirmation in order to ensure that his order has been properly registered prior to the sale. Without written confirmation, Antiquorum and MC Luxury Auction cannot be held liable for omissions or errors relating to the registration of purchase orders. Lots will be purchased at the best price respecting the reserve price and other bids. In the case of identical orders, the order received first will be preferred.

High value lots (identified by Antiquorum and MC Luxury Auction at their sole discretion) may, unless otherwise agreed in advance, only be bid on by potential buyers who have completed a registration form for lots considered to be of high value.

b. Conduct of the sale

The sale will be conducted in French but bids may be repeated in English.

Auctions will be conducted in euros. As an indication, a currency converter at the rate of the day of the sale (or the previous working day) may be visible during the auctions. However, only the price in euros is authoritative.

In the event that a minimum auction price, known as the “reserve price”, has been agreed between the seller and the auction house, the bailiff may bid in the name and on behalf of the latter until the reserve price has been reached.

Antiquorum and MC Luxury Auction are entitled, at their own discretion, to withdraw, divide or group differently the lots forming part of the sale, as well as to refuse the adjudication of any of the said lots, and will not incur any liability as a result. Antiquorum and MC Luxury Auction reserve the right to refuse any bid at their own discretion.

In the event of a dispute or any other matter relating to the bidders, the bailiff may, at his sole discretion, determine the winning bidder, continue the bidding, cancel the sale or re-offer and put the disputed item up for sale again. Its decision shall be recorded in the minutes, which shall be authentic.

The amount of the higher bids is, as a general rule, 10 %; however, the bailiff may modify the higher bids at any time, at his own discretion. The minimum bid amount is communicated during the auction.

Antiquorum and MC Luxury Auction are authorised to reproduce the information provided by the successful bidder prior to the sale on the auction minutes and on the bidding form. Any false indication will engage the responsibility of the successful bidder. In the event that the successful bidder has not registered before the sale, he will have to communicate the necessary information as soon as the lot has been sold.

c. Right of pre-emption

In accordance with the law (Article 2-1 Law No. 1.014 of December 29, 1978), the Monegasque State has a right of pre-emption on works sold by public auction in the Principality of Monaco. The exercise of this right takes place immediately after the hammer blow. The pre-emption decision is brought to the attention of the bailiff, and the State then substitutes itself for the last bidder. The pre-emption is then mentioned in the minutes and must be confirmed within fifteen (15) days after the sale. In the absence of confirmation, the lot goes to the last bidder.

3. PAYMENT

Ownership of the lots is transferred as soon as the bailiff’s hammer falls and the lot is awarded to the winning bidder. The buyer may not revoke his acceptance of any lot after the bailiff’s hammer has fallen. The purchaser hereby accepts all risks and responsibilities associated with the lot.
In addition to the price of the final award, the successful bidder (buyer) shall pay the following commissions and taxes per lot and per degressive tranche:


• From € 1.- to € 500 000.- included: 30 % VAT included (25 % VAT excluded)


• From € 500 001.- to € 5 000 000.- inclusive: 24 % VAT included (20 % VAT excluded)


• For all amounts above € 5 000 001. 15 % VAT included (12.5 % VAT excluded)


All lots collected in Monaco or shipped to the European Union are subject to VAT (Value Added Tax) on commission.

VAT on commission may be passed on to the successful bidder on presentation of proof of export outside the European Union.

VAT on commission is not applicable for the successful bidder from the European Union (excluding France and Monaco) who can prove an intracommunity VAT number.

As Antiquorum and MC Luxury Auction have opted for the VAT margin system, no documents showing VAT will be issued.

Lots exported outside the European Union are not subject to VAT on commission. Local taxes and customs duties are the responsibility of the successful bidder. These local taxes and customs duties must be paid directly at the time of delivery to the carrier in charge of dispatching the consignment. The successful bidder is responsible for the payment of all import and export duties and taxes applicable to the lots purchased.
For users of the Invaluable auction platform, additional fees will be charged (5 % of the auction price). Invoices are emailed to buyers within 24 hours of the sale.

The buyer has a period of ten (10) days from the day of the sale to pay in full.

Lots marked with an asterisk (*) are subject to 20 % import VAT due on the hammer price with buyer’s premium , plus 150 € for termination of temporary export at buyer ’s expense only if it is delivered within EU. VAT will be entirely retroceded on presentation of a declaration of export outside Europe validated by the Monegasque administration.

For payment, the successful bidder may pay in the following ways:


• In cash: up to € 30 000.- including fees and taxes. Only the euro currency is accepted.


• By credit card Visa or MasterCard. • By AMEX (additional charge).


• By transfer in euros to the MC Luxury Auction account.


• By cheque drawn on a French or Monegasque bank to the order of MC Luxury Auction S.A.M.,including a period of eight (8) working days before delivery of the lot (final collection time) and on presentation of proof of identity. Cheques drawn on a foreign bank are not accepted.
Payment will only be considered to have been made in full once Antiquorum and MC Luxury Auction have received the funds corresponding to the amount of the purchase price and the commission due.
In the event of default by the purchaser in the payment of part or all of the purchase price for any lot, and if Antiquorum and MC Luxury Auction nevertheless choose to pay the seller a part of the proceeds of the sale, the purchaser agrees that Antiquorum and MC Luxury Auction shall have all the rights of the seller in respect of the amount paid, whether by law or under these terms and conditions of sale.

4. TRANSFER OF OWNERSHIP

The transfer of ownership of the lot to the buyer takes place at the time of the auction. As soon as the auction has been pronounced (the bailiff’s hammer strike), all risks relating to the lot will be transferred in their entirety and without the slightest reservation.

5. COLLECTION AND SHIPMENT OF THE LOTS

For purchasers who have chosen a collection point in Monaco, the lots are available at 20, boulevard Princesse Charlotte, 98000 Monaco. An appointment must be made in advance. An identity document will also be requested when the lot is handed over.

Sold lots will be stored free of charge for a period of two months from the day of sale. After this date, Antiquorum and MC Luxury Auction may move the acquired lots to a storage site at the buyer’s risk and expense.

For purchasers who have chosen a collection point in Hong Kong, the lots can be sent to the office of Antiquorum Auctioneer (HK) Ltd. in Hong Kong at the request and expense of the purchaser.

For purchasers who have chosen an “other” collection point, the lots can be sent to the desired address according to the shipping instructions and at the purchaser’s expense.

In the case of export outside Europe, this must be done no later than one month from the date of sale. MC Luxury Auction must appear as sender on the export document and the buyer as consignee.

The lots will only be delivered to the purchaser once the purchase price has been paid in full.

Packing and shipping arrangements and the related costs are at the expense and risk of the purchaser. Once full payment has been made, Antiquorum and MC Luxury Auction may, as a service to the purchaser, arrange for the packaging, insurance and shipment of the lots purchased, on request and at the purchaser’s sole expense. In this case, the purchaser accepts all risks related to the packaging, handling and dispatch of the lots. Antiquorum and MC Luxury Auction will not be liable for any loss or damage caused to the lots on this occasion.

Antiquorum and MC Luxury Auction cannot be held responsible for any non-payment by the buyer and is not liable for payment to the seller.
Antiquorum and MC Luxury Auction are not responsible for and cannot guarantee the shipment of clocks, furniture, bulky and fragile objects or items considered as “dangerous goods”.

Antiquorum and MC Luxury Auction will remove bracelets made from materials derived from endangered and / or protected species (i.e., in a non-exhaustive way, alligator, caiman, lizard, snake, shark, turtle, etc.) before shipping lots abroad.

Buyers are responsible for compliance with all applicable export and import regulations. In addition, certain items made of materials subject to CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) legislation may be subject to import restrictions in some countries. It is the purchaser’s responsibility to consult their local customs authority for information on the importation of items made from these materials.

6. INTELLECTUAL PROPERTY – REPRODUCTION OF WORKS

Antiquorum and MC Luxury Auction are the owners of the reproduction rights to its catalogue. Any reproduction of the latter is prohibited and constitutes an infringement to its prejudice. In addition, Antiquorum and MC Luxury Auction have an exemption allowing them to reproduce in their catalogue the works offered for sale, even if the reproduction right has not fallen into the public domain. Any reproduction of the Antiquorum and MC Luxury Auction catalogue may therefore constitute an illicit reproduction of a work exposing its author to infringement proceedings by the holder of the rights to the work. The sale of a work shall not entail for the benefit of its owner the right of reproduction and presentation of the work.

7. APPLICABLE LAW

In the event of incompatibility of any information or provision of the catalogue with these terms and conditions of sale, only the terms and conditions of sale shall be binding.

Each of the provisions of these terms and conditions are independent of each other. The nullity of one provision shall not result in the nonapplicability of the others.

The sale and the present general terms and conditions of sale are governed by Monegasque law. Any dispute falls within the exclusive jurisdiction of the courts of the Principality of Monaco.

BANK REFERENCES

(transfer to be made in euros; bank charges to be borne by the client)
Account holder: SAM MC LUXURY AUCTION
Bank name: Banque Populaire Méditerranée
Euro account: No. 70921309272
IBAN: MC 58 1460 7007 6470 9213 0927 27
Swift code: CCBPMCM1XXX

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