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1. AUCTION SALES CONDITIONS

We recommend you to read very carefully all the condi-tions set in the present catalogue with regard to all the work put on sale. 2. ESTIMATED PRICE

The catalogue includes the estimated sales price deter-mined by our advisors for each work to be sold at auction. The estimated price is determined by considering factors such as the condition, the rarity, the quality, the origin (the history of the previous owners, the person for whom it was made, and the person(s) who used it) of the work. The es-timated price does not include the V.A.T. and other taxes and fees payable by the purchaser. In the event whereby the work “OFFER” appears instead of the estimated price, please submit your offer to ALIF ART. 3. RESERVE VALUE

Unless otherwise specified, a “Reserve value” is deter-mined for every work included in the present catalogue. This confidential value is the value for which the owner accept to sell and the relevant work cannot be sold for any price below this value. The reserve value cannot be above the estimate price indicated in the catalogue. Works for which a Reserve value is not determined are indicated with an asterix “*”.

4. REGISTRATION OF THE PURCHASERS

Purchasers must have themselves registered and take a flag at least thirty (30) minutes before the auction. 5. RAISING PADLES

The auctioneer shall attend and conduct the session so that participants may attend by telephone or by those present, having submitted a written reservation, and rais-ing padles either by themselves or by their representatives at the table.

Until a work reaches its reserve value the auctioneer may conclude the sale either through his/her own initiative or according to those who participate by telephone or padles raised by those having submitted a written reservation. The auctioneer shall refuse the padles determined to be raised by the owner of the relevant work or on his/her/ its behalf. In no event shall the auctioneer be entitled to bid on behalf of the owner for values equal or above the Reserve value.

6. Potential purchasers not attending the session shall be entitled to apply to ALIF ART and request the flag to be raised on their behalf for a given work up to a maximum price they will indicate.

The attendants of ALIF ART shall rise padles considering the Reserve value in a way to enable to purchase the work for a lowest possible price.

In the event whereby two or more written reservations raise padles for a same value, priority will be given to the one having submitted the written reservation earliest.

In the event whereby the price offered in the auction room is below the one specified in a written reservation, the work will be remitted to the bidder having offered in his/ her/its reservation a price above the one offered in the room, whatever such a value may be.

The written reserve form is included in the catalogue it can also be downloaded from the web address.

Those wishing to purchase from the auction may partici-pate during the session by calling the telephone numbers provided in the catalogue. Such participants must call ALIF ART at least twenty four (24) hours in advance and inform that they intend to participate in the auction by telephone. 7. ALIF ART provides the written reservation and participa-tion by telephone services as a commodity to its clients. Any price increase (bid) by telephone may be registered. Such records shall be used to convince a potential pur-chaser.

However, ALIF ART may not be held responsible for any eventual error or inaccuracy during the session.

8. The bids generally start below the minimum appraised value. Padles shall be raised in accordance with the follow-ing chart. The auctioneer shall be entitled to change the bidding intervals. 9. THE HAMMER PRICE