TERMS OF AUCTION

Extract from the Rules of Procedure, as of April 2022

The auctions are conducted in accordance with the Rules of Procedure of the Widder Auctions of Kunsthandel Widder GmbH. The exact wording of these rules is available at the auction house and can be downloaded from www.widderauktionen.com.

Estimated prices, starting price, minimum sale price, limit, hammer price

In object descriptions, an upper and lower estimated price is stated in euros. The highest bid is expected within this range. The starting price is also stated online. As a rule, the starting price is the lower estimated price, but it

can be set higher or lower. The auctioneer increases the price by steps of approx. 10%, although it is possible to deviate from this. The highest bid wins, provided that the minimum selling price has been reached. If the seller decides not to sell the object below a fixed price, this is called the minimum sale price or limit. If this is not reached, the sale is considered conditional. Highest bidders are obliged to pay the purchase price within 7 days after invoicing.

Purchase price

The purchase price consists of the highest bid plus the buyer's premium, sales tax and, if applicable, the fee of artists resale rights. The buyer's premium amounts to 28% in case of differential taxation. The sales tax is included in the differential taxation.

In the case of normal taxation (marked ° ), a premium of 24% is added to the highest bid. For paintings, watercolors, drawings and sculptures, the statutory sales tax of 13% is added to the sum of the highest bid and the buyer's premium, for all other objects 20%.

Resale Right

Items marked * are subject to the resale right. This will be charged in the form of a surcharge on the highest bid. It only applies to highest bids over € 2,499.99 and is staggered: for the first € 50,000 4% will be charged. Thereafter, for each additional €150,000, 3% and 1% respectively, and for €500,000 and above, 0.25%. The maximum resale right charge is 12,500 €.

Authenticity guarantee

The auction house vouches for the authenticity of the object to the buyer within two years and guarantees that the object is indeed by the named artist.

Catalog information and description

Details of technique, signature, material, condition, provenance, etc. are provided by experts of the auction house. However, no guarantee is given for the correctness of this information.

The descriptions of the objects mean: first and last name of the artist with life data: an authentic work of the artist. "Signed" or "monogrammed": a clearly attributable work by the artist. "Attributed": a probably, but not necessarily authentic, work by the artist. "Circle": a work created within the artist's sphere of influence. "Inscribed": a probably authentic work, but not signed by the artist's hand. "Workshop": a work created in the artist's immediate environment. "School": a work created in temporal and stylistic proximity to the artist. "Succession": a stylistically related work created in the artist's succession.

Purchase orders

Interested parties may submit purchase orders in writing and online or bid by telephone. A completed and signed bid form must be received in a timely manner prior to the auction. The auction house will bid for written bids up to the stated highest bid.

Telephone Bids

Interested parties have the possibility to bid by telephone. The auction house will make every effort to reach the telephone number provided. If no telephone connection can be established, the auction house can bid for the interested parties up to the lower estimated price of the object. In this case, the auction house is not obliged to execute the bid.

Online Bidding, Live Bidding

Bidders can place pre-bids and bid live on www.widderauktionen.com as well as on external auction platforms.

Insurance

Objects of art are insured against loss and damage until the end of the collection period, up to the amount of the highest bid. Thereafter, the art object is insured only up to a maximum of 6 months after invoicing, if there is no delay in payment.

Place of jurisdiction, choice of law

Place of jurisdiction and place of performance for all legal relationships is 1010 Vienna. Austrian substantive law shall apply.