The auction is conducted on behalf, and for the benefit of the various owners of the goods offered and is subject to the Federal Auction Regulation (Versteigerungsverordnung, BGBI I 1976, 1346) published in the Federal Law Gazette Vol. I, 1976, 1346 and to the relevant provisions in the German Civil Code (BGB) and Commercial Code (HGB). Payment of the hammer price must be made in cash and in euros. The submission of a bid, whether as an absentee bidder or as an attendee of the sale, constitutes acceptance of these Auction Terms.

Written bids will be executed diligently and without any additional commission charges. Bidders not known to the auctioneer must provide satisfactory credit references or pay a deposit. The auctioneer also may require payment in full from any bidder prior to delivery of lots. To be bindingly accepted, written bids must be received at least 24 hours in advance of the start of the auction. In the case of identical bids on a lot, the first bid received takes priority. The auctioneer reserves the right to exceed the written bids by 5% if necessary. Bids submitted by telephone require a confirmation in written form. Unsold Lots are available after the auction at the reserve price plus buyer's fee of 15 % and VAT if applicable (maximum duration 4 weeks).

Successful bidders, including bidders executing bids for other parties, personally guarantee payment for their purchases. When bidding by order of a third party, confirmation of such authority must be provided before the auction.

All lots may be examined prior to the auction.

Bids must be made in euros. Lots are usually reserved at 80% of the published estimates, unless at least two higher written bids have been received. Bids below 80% of the estimated prices cannot be considered.

The auctioneer is entitled to depart from the numerical order of the catalogue. He further reserves the right to combine lots, to vary the order of the auction, or to withdraw a lot. Acting on behalf of the owner, the auctioneer may refuse the acceptance of any bid and may accept a bid with reservation. In the case of an error or dispute regarding the awarding of a lot, the auctioneer has the right to reopen bidding.

Each lot will be hammered down after the highest bid has been called out three times. Awarding of a lot to a bidder shall constitute a binding commitment on the part of the bidder to pay for, and take delivery of the lot. Once awarded the lot, the buyer assumes full responsibility. Lots will be delivered to the buyer after payment in full is received, unless otherwise agreed. Title does not pass until lots are paid for in full.

The hammer price is exclusive of applicable German VAT, according to the prevailing VAT-legislation, and represents the basis for calculating the buyer's fee of 15% payable by the purchaser. The total price so calculated (hammer price plus buyer's fee) is subject to the VAT of 7%, and 19% respectively, as presently applicable, which is payable in addition. Buyers who are residents of EEC countries will be charged VAT at the rates prevailing in Germany. Buyers from outside the EEC will not be charged VAT, provided that export is undertaken by the auctioneer. Dealers from EEC countries (other than Germany) will receive goods free of tax upon presentation of their VAT I.D. number, and upon fulfillment of the other conditions set forth in paragraph 4, Nr. 1b, and paragraph 6a of the German Turnover Tax Law.

Payment of the auction invoice from buyers present at the auction is due immediately upon the conclusion of the sale, unless previously arranged with the auctioneer. Payment from absentee buyers is due within 14 days after receipt of the invoice. Delinquent accounts shall accrue interest charges at the rate of 1% per month.

Should the buyer refuse delivery of lots awarded him or default on payment, he shall be held legally liable for any damages arising from his actions and shall risk forfeiture of all right and title to the lots awarded him. The auctioneer reserves the right to deem the transaction incomplete and to resell the item. The buyer agrees to pay the reasonable costs associated with any such resale and also to pay the difference between the resale price and the original amount of his successful bid.

The designations and descriptions in the catalogue have been prepared diligently and in good faith. They do not constitute the auctioneer's acknowledgement of any warranty or liability regarding defect in material or title. Buyers present at the auction acquire lots strictly on the basis of "as inspected." The authenticity of all items offered is guaranteed. The auctioneer assumes financial liability only to the purchase price of the item. The purchase price of an item sold will be refunded by the auctioneer only if the buyer provides satisfactory evidence that the item was incorrectly described, not authentic or, prior to his receipt of the item, that it had major faults not disclosed in the catalogue's grading statements. All claims regarding the grading condition must be made within 10 days of receipt of the material.

Shipping and handling are at the cost of the buyer. The auctioneer undertakes to insure the items. The cost of insurance will be incurred by the buyer.

Unless specifically stated otherwise, the general rules and regulations for auctions applicable in Germany shall govern any transaction involved in the auction. The place of fulfillment and jurisdiction is Munich. German Law also shall be applicable in relation to buyers from abroad. In the event of a dispute, only the German version of these Auction Terms shall be definitive.