LARGE WOODEN SEAL

1 – Introduction

These general conditions, together with the special notices regulate the sale at auction and/or private negotiations of the lot s transferred to Aste Bolaffi S.p.a. (hereinafter “Aste Bolaffi”). Lot s put up for auction are the property of the consignors, who have guaranteed their complete availability and legitimate and legal provenance. Aste Bolaffi acts exclusively as a representative of the individual consignors, in its own name and on their behalf. The consignor guarantees the authenticity of each lot offered in the catalogue, without hidden defects unless otherwise stated in the catalogue and/or by the auctioneer. Any indication of the state of preservation of the lots is not to be considered binding.

2 – Images

The copyright in all images, illustrations and writ ten material produced by or for Aste Bolaffi relating to a lot or to a specific content s of this catalogue, is and shall remain at all times the property of Aste Bolaffi and shall not be used by the buyer, nor by anyone else, without Aste Bolaffi prior written consent.

3 – Participation in the saleroom.

Aste Bolaffi reserves the right to request information from the participants in the bidding as regards their identity and bank references, as well as the right to refuse undesirable elements entry to the saleroom. If the participant is ac ting in the name and on behalf of another physical or legal person, a valid power of attorney must be exhibited prior to the auction.

 4 – Participation by correspondence, telephone link, online.

By signing and submitting the special forms, the participant agrees to participate in the auction referred to and under takes to pay the purchase price hammered if his/her offer(s) should be successful. The participant also takes responsibility for ascertaining, after the auction, whether his/her offer has been successful, relieving Aste Bolaffi of any liability in that respect. Claims due to negligence or error in filling out writ ten offers by mail will not be accepted. Aste Bolaffi has no liability toward those who participate in the auction by telephone link and/or online in case of failure to participate due to possible problems that may occur during or prior to the telephone and/or internet connection.

5 – Bids

Lots are awarded to the highest bidder. Aste Bolaffi reserves the right to cancel the award in case of possible contestations. No bids will be accepted for any lot below its starting price. No “without limit” bids, or “upon examination” bids or bids which combine t wo or more lot s will be accepted. The star ting price is the price indicated as the base price, unless different, higher offers have been received, in which case the star ting price will be that of the increment subsequent to the next to last offer. (In case of identical commission bids, the first to arrive will receive precedence, and in any case these take precedence over equal offers made in the saleroom). The size of increments will be regulated at the auctioneer's discretion. The minimum increment will be € 25. The auctioneer reserves the right to withdraw, add, group or divide lot s, as well as the right to refuse a bid in the saleroom or a commission bid.

6 – Purchase price

A commission in favor of Aste Bolaffi will be charged to the buyer, in addition to the hammer price, as follows: On first € 100.000 25% From € 100.001 to € 250.000 22,5% From € 250.001 to € 500.000 20% An then 18% from € 500.001.

7 – Lots with additional VAT

Lots with ± symbol are invoiced differently and have a different buyer's premium on hammer price which vary depending on where the item is shipped. - Goods that remain within UE 1. Buyer's premium of 18% (all other categories). 2. VAT on hammer price at the following rates: • books 4% • stamps 10% • all other categories 22% 3. VAT payable at 22% on buyer's premium - Goods that are shipped outside UE Buyer's premium is the same as that one applied in case of VAT margin (see paragraph 6).

VAT REFUNDS Private clients residing outside Europe may obtain a refund of the VAT on the hammer price by presenting an official document (customs form) that proves that the goods will leave the European Union within 90 days of deliver y. Non-resident clients required to pay VAT, who reside in other EU countries or outside the EU, may request a refund of the VAT on the hammer price, as well as of the VAT at 22% calculated on the auction commissions, by presenting an official document (CMR or customs form) proving that the goods will leave Italy or the European Union within 90 days of deliver y. In case of shipment of the goods outside Italy by the auction house, the refundable VAT as detailed above will not be included in the invoice.

8 – Lots being sold under Temporary Importation rules

The symbol T after a lot number indicates that it is sold in accordance with the Temporary Importation procedure. Lot s purchased according to the rules of Temporary Importation E cannot be withdrawn directly by the buyer, but will have to be shipped, after closing the Temporary Importation process, by the auction house.

9 – Payment

Upon sale of a lot, if present in the saleroom, the buyer shall pay the purchase price promptly to Aste Bolaffi on deliver y of the lot. If bidding via telephone, written form, or online, the purchase price shall be paid within 7 days of receipt of the invoice. Payment s may be made in cash, within the limit s established by law, by certified and/or personal check or credit card. Payments will not be accepted from par ties other than the buyer. Interest will be charged on delayed payments at the rate of 0.5% monthly, subject to variation, on all amounts not paid within the regular terms. Aste Bolaffi may grant possible extensions of payment terms on the basis of agreements which will have to be formalized, in any case, prior to the auction. If the buyer fails to make payment within thirty (30) days end of month payment term, the auction house shall be entitled to rescind the sale in accordance with the art. 1456 of the Civil Code by giving writ ten prior notice to the purchaser, with reserve of any further right and action for compensation for any damages arising from non-fulfilment. Any amount paid by the purchaser as part of the total price prior to the cancellation of the sale will be applied by the auction house as a compensation in accordance to the art. 1526 of the Civil Code, with reserve of any further damages.

10 – Storage and Shipment

Until the full price has been paid and until deliver y, lots are held in storage on the premises of Aste Bolaffi and insured with adequate coverage at the expense of Aste Bolaffi. On request, after payment has been made, lot s can be shipped by insured parcel post at the risk and expense of the buyer. The possible export duties are also for the account of the buyer. Any export request s will be made by the auction house on behalf of the buyer to the appropriate government offices. The buyer will be required to pay all costs on receipt of the invoice.

11 – Exportation of lots

Custom duties and export costs are for the account of the buyer. Requests to issue certification of free circulation for export, in accordance with the legislative provisions in force on the subject, must be made to the appropriate government offices by the auction house on behalf of the buyer. The buyer is required to pay the expenses on receipt of the invoice. Approximately 10/12 weeks are necessary to obtain authorization for export. Lots imported according to the rules of Temporary Importation T are not covered by the relative provisions of Italian law concerning the cultural heritage. For this reason it will not be necessary to issue certification of free circulation. The lots cannot be withdrawn by the buyers, but will have to be shipped by the auction house.

12 – Condition reports

The lots are sold “as is”. Catalogue descriptions as well as any other indication or illustration regarding the lot s, are purely statement s of opinion and are not to be relied upon as statements of warrant y. Potential buyers are encouraged to inspect the lot s in person or through a knowledgeable representative during the pre-auction viewing in order to assess their authenticity, preservation, provenance, quality and any defects. On request and for guidance only, Aste Bolaffi provides condition reports that can add more information to the catalogue descriptions. Rare books and autographs auction: The buyer shall not be entitled to dispute any damage to bindings, foxing, wormholes, trimmed pages or plates or any other defect affecting the integrity of the text and /or its illustration including: indexes of plates, blank pages, insertions, supplements and addictions subsequent to the date of publications of the work. No refund will be considered for books not described in the catalogue. Poster auction: • Condition A Poster in very fine condition. Colors are fresh; no paper loss. Some slight defect or tear but very marginal. A+: wonderful example of a poster rarely seen in such fine condition. A-: some slight dirt, fold, tear or other minor restoration. • Condition B Poster in good condition. Some slight paper loss, but not in the image or in any important area. If some restoration it is not immediately evident. Lines and colors good, paper may have yellowed. B+: poster in very good condition. B-: in fairly good condition. • Condition C Poster in fair condition. The light-staining may be more pronounced, restorations, folds or flaking are more readily visible, and possibly some minor paper loss occurs. The poster is otherwise intact, the image clear, and the colors still faithful to the artist's intent. • Condition D Poster in bad condition. A large part of such poster may be missing, including some important image area; colors.

13 – Extensions/Expertise

The auctioneer shall have the right at his absolute discretion to accept or refuse any request for certifications of authenticity. It should be noted, however, that extensions are not accepted for lots if the description in the catalogue mentions that they are accompanied by photographic certification. We further specify that any concession of extensions/expert appraisals does not alter the terms of payment detailed in section 8.

15 – Catalogue

Terms Furniture and painting auction: Guido Reni: in our opinion a work by the artist Guido Reni (Attribuito-attributed): in our opinion probably a work by the artist in whole or in part Guido Reni (Bottega- studio): in our opinion a work executed in the studio or workshop of the artist, but by an unknown artist Guido Reni (Cerchia-circle of): in our opinion a work of an unknown artist made during the life of the artist. Guido Reni (Seguace-follower): in our opinion a work of an unknown artist, not necessary his scholar, also executed much recently. Guido Reni (Stile-style): in our opinion a work by a painter working in the artist style, contemporary or nearly contemporary. Guido Reni (Maniera o scuola-manner or school): in our opinion a work executed in the artist style by an unknown artist influenced by him also in a much later period. Da Guido Reni (from Guido Reni): in our opinion a copy of a known work of the artist. Firmato/Datato/Iscritto (Signed/Dated/ Inscribed): in our opinion the work has been signed/dated/inscribed by the artist. Reca firma/reca data/reca iscrizione (With signature/with date/with) inscription): in our opinion the signature/date/ inscription appears to be by a hand other than that of the artist. Aste Bolaffi reserves the right to express its own opinion with regard to the author, attribution, origin, dating and condition of the lot s in the catalogue. It is, in any case, an opinion and is not to be considered an expert judgment by any means. Jewels Auction: Jewels by Cartier. This term implies that, in view of the related signatures, characteristics, hallmarks, the lot is, in our opinion, certainly attributed to the specific marker. Any other term used in the catalogue does not warrant the attribution of the item. 16 – Cultural Heritage codes Any lots that may be subject to communication for the start of the procedure for the declaration of their cultural interest pursuant to article 14 and thereafter of Legislative Decree no. 42/2004, the grantors and buyers are required to comply with the relative provisions in force and, in that case, Aste Bolaffi at its exclusive discretion, may proceed with a temporary award of the lot.

17 – Resale royalties “Droit de Suite”

Legal obligations concerning the “Droit de Suite” (D.lgs. 118 of 13/02/06) are accomplished by Aste Bolaffi

18 – Conditional sale

The lots are sold by the auction house with conditional sale in accordance to art. 1523 of the Civil Code and therefore the buyer will not acquire title to the lots until the full payment of the purchase price. The risk of deterioration and of damage of the lot s will pass to the buyer upon deliver y of the lots. The delivery of the lots will only occur upon the full payment of the purchase price.

19 – Claims

Aste Bolaffi will consider only those claims regarding disputes over authenticity of lot s, the existence of serious flaws or concealed defects and/or the non-conformity of the lot purchased to that described in the auction catalogue and available for pre-auction viewing. In this connection, defect s that the buyer should have been aware of at the time of purchase will not be considered defects of conformity as the buyer, having had the opportunity to view the lot in the catalogue or during its showing prior to sale, could not have failed to observe it making use of ordinary diligence. Possible claims should be sent by registered letter within 15 (fifteen) calendar days: (i) from the date of the delivery of the lot following the auction, in the case of purchases by persons present in the saleroom, including those represented by agents, commission agents or intermediaries; (ii) from the date of the receipt of the lot delivered by courier, in the case of purchases by offers via correspondence or by telephone or online; Claims are not accepted in any case: (a) pertaining to flaws or defects expressly described in the catalogue and easily discernible in photographs of the lot during the pre-auction viewing; (b) pertaining to multiple lots such as col - lections or accumulations of any kind; (c) pertaining to assorted lots of stamps or coins not described individually; (d) pertaining to lots explicitly described in the auction catalogue as “to be examined”; (e) pertaining to the state of conservation of lot s, the evaluation of such state being subjective and sales subject to the clause “as seen and found acceptable”; (f) pertaining to flaws and defects attributable to the purchase's actions subsequent to delivery of the lot. (g) After 60 days have passed from the auction date. Aste Bolaffi will respond in writing to the claim within 60 days of receipt. Aste Bolaffi will honor claims only when the lot is judged by two experts named by each party to be unauthentic, affected by serious flaws or hidden defects and/ or not conforming to the description in the auction catalogue. In such cases the purchaser will be refunded only with the amount corresponding to the purchase and to the shipping cost. Any other refund or reimbursement is expressly excluded, except in case of fraud or serious negligence.

20 – Post-auction sales

For 30 days after the auction, Aste Bolaffi offers the chance to purchase unsold lot s via the Buy now section on www.astebolaffi.it, where you can bid for available lots at the starting amount plus commission. Aste Bolaffi reserves the right to refuse a bid.

BY SUBMIT TING A PURCHASE ORDER OR BIDDING IN THE SALEROOM, THE BUYER FULLY ACCEPTS ALL THE CONDITIONS OF SALE DETAILED ABOVE AND SPECIAL NOTICES. ANY DISPUTS ARISING IN RELATION WITH THESE GENERAL CONDI - TIONS AND SPECIAL NOTICES SHALL BE SUBMITTED TO THE EXCLUSIVE JURISDICTION OF THE COURT OF TURIN.