UNKNOWN GERMAN MASTER FLAGELLATION OF CHRIST Around 1550, Germany Renaissance wooden panel,

AUCTION TERMS AND CONDITIONS

I. GENERAL PROVISIONS
1. ARTHOUSE HEJTMÁNEK galerie a aukční dům s.r.o., seated in Prague 6, Bubeneč, Goetheho 17/2, ZIP 160 00, Id number:
29149932, registered with the commercial register maintained by the Municipal court in Prague, file C 203984 (hereinafter
referred to as „ARTHOUSE HEJTMÁNEK“), conducts in the form of private sale (hereinafter referred to also as „Auction“) the sale
of movables (hereinafter also referred to as „Auctioned items“ or individually as „Auctioned item“).
2. The sale of Auctioned items may be executed likewise based on an consignment contract (hereinafter as „Contract“), concluded
between ARTHOUSE HEJTMÁNEK, as the broker and the owner of the Auctioned items, who is interested in their sale, as the
principal (hereinafter only as the „Seller“). In such case ARTHOUSE HEJTMÁNEK procures the sale of the Auctioned items for the
Seller, whereas the rights and obligations from the purchases contract concluded as part of the Auction with the auction participant
(hereinafter also referred to as „Bidder“) arise directly to the company ARTHOUSE HEJTMÁNEK.
3. If the sake of the Auctioned Items is conducted based on a Contract, ARTHOUSE HEJTMÁNEK is based on the Contract commissioned
by the Seller to sell the Auctioned Items in an Auction, to collect the auction (purchase) price as well as the auction surcharge and
the VAT.
4. Auction as laid down by the conditions regulated by these Terms and Conditions is not a public auction pursuant to Act no. 26/2000
Coll., on public auctions, as amended.
II. DESCRIPTION OF THE AUCTIONED ITEMS
1. Information. All information on the Auctioned items offered in an Auction is provided by ARTHOUSE HEJTMÁNEK with regard to the
information provided by the Seller and following a potential consultation with professionals in the given field. Information provided
to the Bidder regarding any Auctioned item in a written form or verbally, including information contained in the auction catalogue
is solely of informational nature.
2. Auction catalogue. Auctioned items are identified and described including their starting price in the auction catalogue as well as
on the Internet pages of ARTHOUSE HEJTMÁNEK (www.arthousehejtmanek.cz). The auctioned items shall be auctioned in the order
listed in the catalogue. None of the prices stated in the catalogue contains the amount corresponding to the auction surcharge.
3. Familiarization with the Auctioned items. ARTHOUSE HEJTMÁNEK bears no responsibility for the accuracy and completeness of the
provided data pertaining to the Auctioned items. The Bidder has the opportunity to personally familiarize himself with the Auctioned
items during the so called pre–auction exhibition and to do so even on the company of his professional advisors, experts, etc. In
case the Bidder is unable to partake on the pre–auction exhibition, he may ask, in case of Auctioned items with the starting price
higher than CZK 10 000,–, ARTHOUSE HEJTMÁNEK for closer information pertaining to specific Auctioned items including possible
photos, whereas ARTHOUSE HEJTMÁNEK shall not require a payment for the provision of such information, unless stipulated
otherwise by ARTHOUSE HEJTMÁNEK.
III. RULES AND CONDUCT OF THE AUCTION
1. Place, time. ARTHOUSE HEJTMÁNEK shall set the place and time of the Auction and shall publish this in the manner of choice. Prior
to the Auction, ARTHOUSE HEJTMÁNEK shall publish an auction catalogue with a brief description of the Auctioned item which shall
be offered for sale as part of the given Auction, or possibly shall announce to the Bidders the description of the Auctioned items in
another suitable manner.
2. Starting price. ARTHOUSE HEJTMÁNEK shall set the minimum prices for the Auctioned items – so called starting prices for which the
individual Auctioned items shall be offered for sale (hereinafter as „Starting price“). Starting prices of the Auctioned items offered
for sale as part of the given Auction shall be stated in the auction catalogue or announced to the Bidder in another suitable manner.
The starting prices are on the part of ARTHOUSE HEJTMÁNEK always stated exclusive the auction surcharge pursuant to article IV.
par. 6 of these Auction terms and conditions.
3. Auction participant. Only persons who were registered by ARTHOUSE HEJTMÁNEK for the given auction, who have reached the age
of 18 (in case of natural persons) and are fully capable (sui juris) may partake in an auction. Registration of the Bidders is done
by ARTHOUSE HEJTMÁNEK, whereas ARTHOUSE HEJTMÁNEK is not obligated to register a person for the Auction and reserves the
right to refuse a registration even without stating a reason. A person, who was not registered by ARTHOUSE HEJTMÁNEK for the
Auction, is not entitled to partake in an Auction, take any legal acts as part of the Auction and with such person may not be validly
concluded the sale of any Auctioned Item. For the registration it is necessary to show a valid identity card or a passport (the same
applies even for persons representing an Auction participant – legal entity) and in case of legal entities also an excerpt from the
commercial register. Every participant in an auction, when the Auctioned item becomes subject to joint property, is obligated to
procure the consent of the other spouse for all legal acts performed in connection to the Auction, in another case such Auction
participant bears responsibility for all damages and profit losses caused to ARTHOUSE HEJTMÁNEK and/or to third parties.
4. Bidder. Person fulfilling the conditions pursuant to article. III. par. 3 of these Auction Terms and Conditions becomes a Bidder and
is assigned an auction number by ARTHOUSE HEJTMÁNEK.
5. Power of Attorney. Bidder may grant a power of attorney to a person fulfilling the conditions pursuant to article III par. 3 of these
Auction Terms and Conditions for the participation on an Auction and for the purchase of a concretely specified Auctioned item.
The power of attorney according to the previous sentence must have a written form and must contain the first and last name of
the representative and the principal, their dates of birth, identification of the Auctioned item, maximum purchase price for which
the principal is willing to buy the Auctioned item in the Auction, date and signature of the principal and the declaration of the
representative with his signature stating that he accepts the power of attorney.
6. Written limit. Bidder may partake in an Auction of Auctioned items with starting price exceeding CZK 15 000,– subject to the conditions
of this paragraph also by means of a written offer with a written limit. Auction participant is entitled to deliver to ARTHOUSE
HEJTMÁNEK at the latest 48 hours prior to the commencement of the Auction a written offer for the purchase of a particular
Auctioned item, in the form of a filled out form which is part of the auction catalogue pertaining to a particular Auction and also
available on the Internet pages of ARTHOUSE HEJTMÁNEK (www.arthousehejtmanek.cz). The offer must contain the specification
of the Auctioned item, the purchase of which the Bidder offers and the maximum purchase price for which the auction participant
is interested to buy the Auctioned item in the Auction. If the Auction participant fulfills the conditions set by the article III. par. 3
of these Auction Terms and Conditions, then he becomes a Bidder. In case the maximum purchase price stated in the offer of the
Bidder in accord with this article is lower or equal to the immediate auction price in accord with article III. par. 9 of these Auction
Terms and Conditions increased by the minimum bid amount and unless a higher bid is made, the auctioneer´s hammer shall
grant in accord with these Terms and Conditions the conclusion of the purchase contract with such Bidder, whereas the purchase
price of the Auctioned item shall be in accord with the immediate auction price increased by the minimum bid under the condition
that the price set in such manner shall be within the maximum amount of the purchase price as per the offer of the Bidder.
7. Telephone Auction. Auction participant may partake in an Auction of the Auctioned items with starting price exceeding CZK
15 000,– subject to the conditions of this paragraph also by means of telephone Auction participant is entitled to deliver to
ARTHOUSE HEJTMÁNEK at the latest 48 hours prior to the commencement of the Auction a written offer for the purchase of a
particular Auctioned item, in the form of a filled out form which is part of the auction catalogue pertaining to a particular Auction
and also available on the Internet pages of ARTHOUSE HEJTMÁNEK (www.arthousehejtmanek.cz).The offer must contain the
specification of the Auctioned item, the purchase of which the Bidder offers and the maximum purchase price for which the auction
participant is interested to buy the Auctioned item in the Auction. With the request for the telephone Auction, the Auction participant
authorizes ARTHOUSE HEJTMÁNEK for legal acts aimed at purchasing the Auctioned item in accord with the instructions which will
be given by the Auction participant vie telephone to a representative who shall be appointed for this purpose by ARTHOUSE HEJTMÁNEK.
The Auction participant is obligated to provide ARTHOUSE HEJTMÁNEK together with the request for the telephone auction
the requisite data and documents for the identification of the Auction participant as well as the information of the telephone
number by means pf which the telephone auction shall take place. If the Auction participant fulfills the requirements set by article
III. par. 3 of the Auction Terms and Conditions, he becomes a Bidder. Telephone Auction is executed in such manner that a representative
of ARTHOUSE HEJTMÁNEK contacts the Bidder by telephone immediately prior to the Auction of the Auctioned item in which
the Bidder is interested with the information that as part of the Auction of the Auction item min which the Bidder is interested he
bids in accord with the instructions of the Bidder the bids pursuant to the conditions of these Auction Terms and Conditions. In case
the highest bid by the Bidder, the auctioneer´s hammer grants the conclusion of the purchase contract with the Bidder. ARTHOUSE
HEJTMÁNEK bears neither responsibility for any damages incurred as a result of inability to connect via telephone with the Bidder,
telephone outages, nor for any other damages in connection to the telephone auction. Bidder is aware that with respect to the
nature of the telephone auction it is not possible for ARTHOUSE HEJTMÁNEK to bear any responsibility toward the Bidder and that
in connection to the telephone Auction no damages can arise to the Bidder in any amount.
8. Financial guarantee, deposit. ARTHOUSE HEJTMÁNEK reserves the right to request from the Bidders a financial guarantee or a
deposit up to the amount of half of the Starting price (hereinafter referred to also as „Guarantee“). If the Bidder, following a
request of ARTHOUSE HEJTMÁNEK, fails to pay the Guarantee or if the period for the payment thereof set by ARTHOUSE HEJTMÁNEK
expires, ARTHOUSE HEJTMÁNEK is entitled to refuse the participation of the Bidder on the Auction, the Bidder is not entitled to
perform any acts as part of the Auction and a purchase contract shall not be concluded with such Bidder as part of the Auction.
9. Course of Auction. Auction of the Auctioned items takes place in order in accord with the serial numbers of the individual Auctioned
items stated within the auction catalogue. Auction of a particular Auctioned items is commenced by the person authorized by
ARTHOUSE HEJTMÁNEK to conduct the auction (hereinafter referred also as „Auctioneer“), with the description of the Auctioned
item. Thereafter the Auctioneer announces the starting price of the Auctioned item and calls on the Bidders to bid. Bidder bids by
means of increasing the immediate auction price of the Auctioned item announced in the course of the Auction by the Auctioneer
(meaning the Starting price increased by the bids made) by the stated minimum amount of the bid by a visible show of the auction
number which the Bidder received at the time of registration for the auction. With the bid, the Bidder makes an offer to buy the
Auctioned item for the immediate auction price increased by the bid added by the Bidder. In case that more Bidders makes a bid in
the same amount, the Auctioneer decides on the order of the bids. Auction of the Auctioned item takes place for such period during
which the Bidders bid. Minimum amounts of the bids are set in accord with the immediate auction price of the Auctioned item as
follows:
a) 500,– CZK, if the immediate auction price is less than CZK 10.000,–
b) 1.000,– CZK, if the immediate auction price is at least CZK 10.000,–, but less than CZK 50.000,–
c) 5.000,– CZK, if the immediate auction price is at least CZK 50.000,– , but less than CZK 100.000,–
d) 10.000,– CZK, if the immediate auction price is at least CZK 100.000,–, but less than CZK 500.000,–
e) 50.000,– CZK, if the immediate auction price is at least CZK 500.000,– , but less than CZK 1.000.000,–
f) 100.000,– CZK, if the immediate auction price is at least CZK 1.000.000,–, but less than CZK 10.000.000,–
g) 250.000,– CZK, if the immediate auction price is at least CZK 10.000.000,– and above.
The immediate auction price means the Starting price increased by the made bids.
Bidding by lifting the auction number represents making a binding offer of the Bidder to conclude a purchase contract the subject
of which is the Auctioned item for the immediate auction price increased by the bid of the Bidder (purchase price) and the Bidder
binds himself irrevocably to purchase the Auctioned item if the bid of the Bidder is accepted by ARTHOUSE HEJTMÁNEK through
the Auctioneer for the price which amounts to the sum of the immediate auction price, bid made by the Bidder and the auction
surcharge and the VAT. The VAT will be billed to the reached purchase price and the auction surcharge in accord with the applicable
valid legal regulations.
IV. PRICES AND PAYMENT CONDITIONS
1. Total price, maturity. Offer of the Bidder, which is made as the highest bid in regard to a particular Auctioned item, is accepted by
ARTHOUSE HEJTMÁNEK with the tap of the auctioneer´s hammer, in such manner that the Auctioneer calls following the highest
bid by a Bidder onto the other Auction participants to make further bids and in case that even following a repeated call of the
Auctioneer no higher bid is made, the Auctioneer declares that the Bidder who made the highest bid becomes the purchaser of
the Auctioned item (hereinafter referred to as „Highest Bidder“ or “Buyer”), whereby a purchase contract is concluded. ARTHOUSE
HEJTMÁNEK shall issue to the Highest bidder without delay following the end of the Auction a document of sale verifying the
conclusion of the purchase contract in regard to the particular Auctioned item. The Highest bidder is obligated to pay to ARTHOUSE
HEJTMÁNEK the purchase price for the Auctioned item together with the auction surcharge and the VAT (hereinafter also referred
to as “Total price“). The total price is due within 10 days of the conclusion of the purchase contract, whereas the payment of the
Total price means that that Total price is credited to the bank account of ARTHOUSE HEJTMÁNEK.
2. Ownership right. The ownership right to the Auctioned item is transferred onto the Highest Bidder upon the full payment of the
Total price to the account of ARTHOUSE HEJTMÁNEK. The Auctioned item shall be handed over to the Highest bidder only following
the full payment of the Total price.
3. Deposit. In case that the Highest bidder paid a deposit in accord with article III. par. 8 of these Auction Terms and Conditions, the
paid deposit shall be counted toward the payment of the Total price and other possible obligations of the Highest bidder toward
ARTHOUSE HEJTMÁNEK. If the Highest bidder in violation of these Auction Terms and Conditions fails to pay for any reason the
Total price or a part thereof, ARTHOUSE HEJTMÁNEK is entitled to withdraw from the purchase contract effective on the day of the
delivery of the withdrawal. In case of a material breach of the purchase contract or the conditions pursuant to these Auction Terms
and Conditions by the Highest bidder, whereas material breach is considered to be mainly the failure to pay the Total price by the
due date in accord with these Auction Terms and Conditions, the Highest bidder is them obligated to pay to ARTHOUSE HEJTMÁNEK
a contractual penalty in the amount corresponding to one half of the Starting price of the Auctioned items which the Highest bidder
purchased in the Auction. The claim of ARTHOUSE HEJTMÁNEK to the payment of damages in addition to the contractual penalty
and the compensation of expenses on the Auction, in which the Auction item was offered, remains unaffected by the payment of
the contractual penalty.
4. Currency. All prices and fees in connection with the Auction and in legal relations which are subject to these Auction Terms and
Conditions are stated usually in Czech crowns unless in particular case a price is stated in different currency. ARTHOUSE HEJTMÁNEK
may upon the request of the Bidder inform of the immediate auction price, minimum bid amount, Starting price etc. also in a
foreign currency. Such information however is only of informative, unbinding nature and ARTHOUSE HEJTMÁNEK does not bear any
liability for the accuracy of such information in that case.
5. Payment in the foreign currency. Based on a prior agreement between the Highest bidder and ARTHOUSE HEJTMÁNEK, the Highest
bidder may pay the Total price in a foreign currency–EUR or USD. The Total price paid by the Highest bidder in USD or EUR has to
correspond in the dull amount to the Total price in CZK for which the Auctioned item was sold. The Highest bidder shall bear all
exchange rate differences, bank costs connected with the bank transfer and the conversion for the purpose of the payment of the
Total owed amount in CZK currency. If the Auctioned item was auctioned in a foreign currency, for the purposes of the payment of
the Total price shall be used the foreign currency yin which the Auctioned item was auctioned. In case according to the previous
sentence shall for the payment of the Total price be used analogically the rules of second and third sentence of this paragraph in
order for the paid Total price to correspond to the price in currency in which the Auctioned item was sold.
6. Auction surcharge. Auction surcharge of ARTHOUSE HEJTMÁNEK incl. VAT amounts to 24% from the price reached in the Auction–
meaning from the agreed purchase price of the Auctioned item (without VAT if this shall be applied).
7. Payment of the Total price. Payment of the Total price maybe in accord with this article performed:
(a) in cash (amount no higher than CZK 250 000,–) against a written verification of ARTHOUSE HEJTMÁNEK;
(b) bank transfer to the bank account of ARTHOUSE HEJTMÁNEK maintained by Raiffeisenbank, Praha 6, bank account no.:
733 888 4001/ 5500, IBAN: CZ6655000000007338884001, SWIFT: RZBCCZPP;
(c) payment card VISA / MASTER CARD – in this case charges ARTHOUSE HEJTMÁNEK to the Highest bidder in addition a fee in the
amount of 3 % of the Total price.
8. Late payment interest. In case the Highest bidder is in delay with the payment of the Total price or a part thereof or any other
payment toward ARTHOUSE HEJTMÁNEK, the Highest bidder is obligated to pay to ARTHOUSE HEJTMÁNEK an interest on the late
payment amounting to 0,05% of the owed amount for each commenced day of the delay.
9. After–Auction sale. To the after–auction sale of the Auction items, meaning the sale of the Auctioned items which were not sold during
the Auction but rather are sold to the Auction participant after the end of the Auction based on a purchase contract concluded between
ARTHOUSE HEJTMÁNEK and the Auction participant apply the conditions set by these Auction Terms and Conditions similarly.
10. Failure to pick up the Auctioned item. In case that due to reasons on the part of the Highest bidder the purchase Auctioned item
fails to be picked up by the Highest bidder within 10 days of the conclusion of the purchase contract, then is the Highest bidder
obligated to pay to ARTHOUSE HEJTMÁNEK a handling fee in the amount of 0,01,% of the Total price of the Auctioned item for the
eleventh and every following even commenced day of the delay with the takeover of each single one Auctioned item. ARTHOUSE
HEJTMÁNEK is entitled aside from the handling fee in accord with the previous sentence to bill the Highest bidder all connected costs
for the storage, transportation, security service etc. of the uncollected purchases Auctioned items. The Highest bidder is obligated
to pay the handling fee as well as the expenses in accord with the previous sentence within 10days from the receipt of the invoice
from ARTHOUSE HEJTMÁNEK.
11. Risk of damage. The risk of damage to the Auctioned item passes onto the Highest bidder at the moment of the conclusion of
the purchase contract. The Highest bidder acknowledges that following the conclusion of the purchase contract are none of the
Auctioned items covered by an insurance policy ARTHOUSE HEJTMÁNEK and is aware of this in regards to possibly damage to the
Auctioned item.
V. FOREIGN EXPORT
1. Export. Export and import of some Auctioned items to/from a foreign country is regulated by legal regulations of the Czech
Republic, EU, international treaties and laws of many states and may require obtaining special formal requirements, among others
for example export and import permits and fees, which are set and evaluated by a pertinent administrative authority of a given
country. Neither ARTHOUSE HEJTMÁNEK, nor the Seller provide the Highest bidder, nor any other third party any guarantees, declarations
and bear no liability as to whether the Auctioned items is subject to any export or import limitations or fees or any other
limitations, prohibitions or requirements of the legal regulations of the Czech Republic, EU, or other legal regulations, international
treaties or laws of countries of import, which may apply to such export or import.
2. Liability. ARTHOUSE HEJTMÁNEK bears no liability for any damages, profit loss or any other demands which may arise in connection
to export or import of the Auctioned items ti the Buyer, Highest bidder or to third parties.
VI. FINAL PROVISIONS
1. These Auction Terms and Conditions are binding for all Auction participants, parties interested in participating in an Auction, Bidders
and Highest bidders (Buyers).
2. Every person interested in participating in an Auction, Auction participant and Bidder is obligated to become closely familiar with
the Auction Terms and Condition.
3. Any person interested in participating in an Auction, Auction participant, and the Highest bidder or their representatives agree that
for the settlement of any potential disputes have jurisdiction the Courts of the Czech Republic.
4. The legal relations between ARTHOUSE HEJTMÁNEK, Auction participant, a person interested in partaking in an Auction, Bidder and
the Highest bidder are governed by the laws of the Czech Republic, excluding the choice of law provisions and the Convention on
the international sale of goods.