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1. Introduction

(a) The contractual relationship ofThomas Del Mar Ltd. and Sellers

with prospective Buyers is governed by:-

(i) these Conditions of Business for Buyers;

(ii) the Conditions of Business for Sellers displayed in the

saleroom and available fromThomas Del Mar Ltd.;

(iii) Thomas Del Mar Ltd.’s Authenticity Guarantee;

(iv) any additional notices and terms printed in the sale

catalogue, in each case as amended by any saleroom

notice or auctioneer's announcement.

(b) As auctioneer,Thomas Del Mar Ltd. acts as agent for the Seller.

Occasionally,Thomas Del Mar Ltd. may own or have a financial

interest in a lot.

2. Definitions

“Bidder” is any person making, attempting or considering making

a bid, including Buyers;

“Buyer” is the person who makes the highest bid or offer

accepted by the auctioneer, including a Buyer’s principal when

bidding as agent;

“Seller” is the person offering a lot for sale, including their agent,

or executors;

“TDM” meansThomas Del Mar Ltd., 25 Blythe Road, London, W14

0PD, company number 5368339.

“Buyer’s Expenses” are any costs or expenses due toThomas Del

Mar Ltd. from the Buyer;

“Buyer’s Premium” is the commission payable by the Buyer on the

Hammer Price at the rates set out in the Guide for Prospective Buyers;

“Hammer Price” is the highest bid for the Property accepted by

the auctioneer at the auction or the post auction sale price;

“Purchase Price” is the Hammer Price plus applicable Buyer’s

Premium and Buyer’s Expenses;

“Reserve Price” (where applicable) is the minimum Hammer Price

at which the Seller has agreed to sell a lot.

The Buyer’s Premium, Buyer’s Expenses and Hammer Price are

subject to VAT, where applicable.

3. Examination of Lots

(a) TTDM’s knowledge of lots is partly dependent on information

provided by the Seller andTDM is unable to exercise exhaustive

due diligence on each lot. Each lot is available for examination

before sale. Bidders are responsible for carrying out

examinations and research before sale to satisfy themselves

over the condition of lots and accuracy of descriptions.

(b) All oral and/or written information provided to Bidders relating

to lots, including descriptions in the catalogue, condition

reports or elsewhere are statements ofTDM’s opinion and not

representations of fact. Estimates may not be relied on as a

prediction of the selling price or value of the lot and may be

revised from time to time atTDM’s absolute discretion.

4. Exclusions and limitations of liability to Buyers

(a) TDM shall refund the Purchase Price to the Buyer in

circumstances where it deems that the lot is a Counterfeit,

subject to the terms ofTDM’s Authenticity Guarantee.

(b) Subject to Condition 4(a), neitherTDM nor the Seller:-

(i) is liable for any errors or omissions in any oral or written

information provided to Bidders byTDM, whether

negligent or otherwise;

(ii) gives any guarantee or warranty to Bidders and any

implied warranties and conditions are excluded (save in

so far as such obligations cannot be excluded by English

law), other than the express warranties given by the

Seller to the Buyer (for which the Seller is solely

responsible) under the Conditions of Business for Sellers;

(iii) accepts responsibility to Bidders for acts or omissions

(whether negligent or otherwise) byTDM in connection

with the conduct of auctions or for any matter relating to

the sale of any lot.

(c) Without prejudice to Condition 4(b), any claim againstTDM

and/ or the Seller by a Bidder is limited to the Purchase Price

for the relevant lot. NeitherTDM nor the Seller shall be liable

for any indirect or consequential losses.

5. Bidding at Auction

(a) TDM has absolute discretion to refuse admission to the

auction. Before sale, Bidders must complete a Registration

Form and supply such information and references asTDM

requires. Bidders are personally liable for their bid and are

jointly and severally liable with their principal, if bidding as

agent (in which caseTDM’s prior and express consent must be

obtained).

(b) TDM advises Bidders to attend the auction, butTDM will

endeavour to execute absentee written bids provided that they

are, inTDM’s opinion, received in sufficient time and in legible

form.

(c) When available, written and telephone bidding is offered as a

free service at the Bidder’s risk and subject toTDM’s other

commitments;TDM is therefore not liable for failure to execute

such bids.Telephone bidding may be recorded.

6. Import, Export and Copyright Restrictions

TDM and the Seller make no representations or warranties as to

whether any lot is subject to import, export or copyright restrictions.

It is the Buyer's sole responsibility to obtain any copyright clearance

or any necessary import, export or other licence required by law,

including licenses required under the Convention on the

InternationalTrade in Endangered Species (CITES).

7. Conduct of the Auction

(a) The auctioneer has discretion to refuse bids, withdraw or

reoffer lots for sale (including after the fall of the hammer) if

(s)he believes that there may be an error or dispute, and may

also take such other action as (s)he reasonably deems

necessary.

(b) The auctioneer will commence and advance the bidding in such

increments as (s)he considers appropriate and is entitled to

place bids on the Seller’s behalf up to the Reserve Price for the

lot, where applicable.

(c) Subject to Condition 7(a), the contract between the Buyer and

the Seller is concluded on the striking of the auctioneer's

hammer.

(d) Any post-auction sale of lots shall incorporate these Conditions

of Business.

8. Payment and Collection

(a) Unless otherwise agreed in advance, payment of the Purchase

Price is due in pounds sterling immediately after the auction

(the "Payment Date").

(b) Title in a lot will not pass to the Buyer untilTDM has received

the Purchase Price in cleared funds.TDM will generally not

release a lot to a Buyer before payment. Earlier release shall

not affect passing of title or the Buyer's obligation to pay the

Purchase Price, as above.

(c) The refusal of any licence or permit required by law, as

outlined in Condition 6, shall not affect the Buyer’s obligation to

pay for the lot, as per Condition 8(a).

(d) The Buyer must arrange collection of lots within 10 working

days of the auction. Purchased lots are at the Buyer's risk from

the earlier of (i) collection or (ii) 10 working days after the

auction. Until risk passes,TDM will compensate the Buyer for

any loss or damage to the lot up to a maximum of the Purchase

Price actually paid by the Buyer.TDM’s assumption of risk is

subject to the exclusions detailed in Condition 5(d) of the

Conditions of Business for Sellers.

(e) All packing and handling of lots is at the Buyer's risk.TDM will

not be liable for any acts or omissions of third party packers or

shippers.

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Conditions of Business for Buyers