Post-War & Contemporary Art | 31 October & 1 November 2018

General Terms and Conditions for public and online auctions of moveable goods, to be held by the private company B.V. Venduehuis der Notarissen te ’s-Gravenhage, latest version 1 December 2014 B.V. Venduehuis der Notarissen te ’s-Gravenhage Nobelstraat 5 2513 BC ’s-Gravenhage Tel +31 070 365 88 57 (local tariff) Fax +31 070 346 27 69 E-mail info@venduehuis.com

Auctioneer by means of a hammer stroke, or the buying agreement which is entered into during an Online Auction by making the highest Bid and the acceptance thereof by the Auction House; Buying price: the Hammer price plus Premium and possibly ‘Droit de Suite’ fee; Buyer: the Bidder whose Bid is accepted during the Auction, or the Bidder whose highest Bid is accepted during an Online Auction; Costs: the costs which must be paid by the Seller and / or the Buyer to the Auction House for services rendered, including the value-added taxes applicable thereto, such as but not limited to costs for research, inspections, valuation, restoration, pictures, delivery, storage, as well as Input brokerage and Premium; Limit (Reserve): the minimum Hammer Price agreed by Seller and Auction House;

Can be reached by telephone from Monday to Friday from 9.30 am to 4.30 pm

CoC number: 27145264 V.A.T. identification number: NL802493580B01

Article 1 Definitions

1.1. For the application of the provisions of these General Terms and Conditions the following expressions shall have the following meanings: General Conditions: These general conditions which apply to public auctions of moveable goods, as well as the specific conditions for online auctions which also apply to online auctions and distance selling; Online Auction Conditions: the conditions included in the present General Conditions which apply to Online Auctions in addition to the General Conditions, and which prevail where they deviate from the General Conditions.

Margin scheme: Margin scheme on the basis of Part 5 of the Law on value-added tax 1968;

Notary: the notary public who exercises the official supervision as provided for in article 1 of the Law of 15 December 1971, Official Gazette 748, upon instructions by the Auction House; Receipt: proof of entering one or more Goods to be auctioned, including the name and address of the Seller;

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Bidder: the person who makes a Bid during an open ascending price auction;

Premium: Costs which must be paid by the Buyer including the applicable value-added tax;

Bid: verbal (whether or not by telephone) or written bid, or a bid made in another way, if explicitly offered by Auctioneer such as electronically, through the Internet or per email;

Unsold: the Auction House not selling a goods, even though bids have been received;

Auction: a public sale of moveable Goods as defined in article 1 of the Law of 15 December 1971, Official Gazette 748, organised by the Auction House; Online Auction: an automated open ascending price Auction organised by the Auction House on the website of the Auction House, www.venduehuis. com, which is not to be deemed a public auction and at which no Notary public or Auctioneer is present. In these conditions ‘Auction’ must be read as ‘Online Auction’ unless the opposite is clear from the specific Online Auction Conditions; Auction House: the private company with limited liability ‘B.V. Venduehuis der Notarissen te ’s-Gravenhage’, also acting under the name ‘Venduehuis’ and ‘Venduehuis Next Door’;

Consumer: the Bidder who is not acting during the exercise or a business occupation.

Hammer price: the nominal price announced by the Auctioneer at which the Auctioneer allots a Good to the Buyer, or the highest Bid during an Online Auction; Lot: one or more Goods submitted for Auction by a Seller; Input brokerage: Costs which must be paid by the Seller including the value-added tax owed thereon; Buy: the buying agreement which is entered into through the acceptance of a Bidder as Buyer by the

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