INFORMATION FOR BIDDERS

CONDITIONS OF SALE

1. The auction is organized, handled and conducted by the auctioneer, Nagyházi Gallery and Auction House, acting as an agent on behalf of the vendor. The lots called up are in succession as in the catalogue. The auctioneer announces the catalogue number of the lot in question and buyers indicate their wish to bid by raising their paddle. Buyers may participate in the bidding only with a numbered bidding paddle. To receive a paddle buyers shall be registered with name and address, or client card preceding the auction. Being registered buyers acknowledge to accept the conditions of sale.

2. On the fall of the auctioneer’s hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer. However, in case of lots marked as “protected items” (VÉDETT) in the catalogue, Hungarian museums reserve the right to buy the item at the hammer price. (Law No. LXIV. of 2001.)

3. The buyer has to pay 20% of the hammer price, as deposit, in cash immediately after the sale. In case the whole price is paid, the buyer can have the object after the sale. A possibility to pay the amount over the deposit within the space of 14 days is rendered by the agent. The deposit is part of the hammer price on condition that it is paid within 14 days. In case of non-payment within two weeks of the date of the sale, the agent Nagyházi Galéria Árverési Ház regards the buyer’s bid as null and void in which case the buyer has no right to reclaim the deposit. Nagyházi Gallery reserves the right to reject the auctioning of certain lots listed in the catalogue. Bidding steps

under 20,000 HUF 1,000 HUF

between 20,000 HUF – 50,000 HUF 2,000 HUF

between 50,000 HUF – 100,000 HUF 5,000 HUF

between 100,000 HUF – 200,000 HUF 10,000 HUF

between 200,000 HUF – 500,000 HUF 20,000 HUF

between 500,000 HUF – 1,000,000 HUF 50,000 HUF

between 1,000,000 HUF – 2,000,000 HUF 100,000 HUF

4. A buyer’s premium shall be added to the hammer price and paid by buyers: 22 % (including 5% artists’ royalty as enacted by Law No. LXXVI 1999.) of the hammer price up to and including 13 000 000 HUF (€ 50 000) and 18% of the amount exceeding 13 000 000 HUF (Law No. XXIX. 1996).

5. Immediately after sale the buyer assumes full risk and responsibility thereof for the lot including any loss or damage and for shipment. The auctioneer is not responsible for any damage occuring after the sale. If the buyer fails to ship the purchased item the auctioneer has the right to charge 5% of the price as storage and handling price per month from the fifteenth day of the date of the auction. In case the buyer fails to removed the goods – in spite of being called upon to do so – after 6 months the agent has the right to sell the item and will preserve the amount for the buyer as deposit minus expenses.

6. No seller may bid nor may any third party bid on seller’s behalf in order to reach an unreasonably high price thus inflicting a loss on any other party.

7. All lots are available for inspection prior to and during the sale.

8. Descriptions and illustrations in the catalogue are for identification only. Buyers should satisfy themselves prior to the sale as to the condition of each lot and should rely on their own judgement as to whether the lot accords with its description. The Auction House will not accept any complaints after the fall of the auctioneer’s hammer ont he lot unless the item proves not to be genuine despite being marked so in the catalogue. In such case the buyer may contest the sale in writing within three months of his/her doubt to the provenance or the authenticity of the item, but no later than five years from the date of the auction. The Auction House undertakes to re-purchase the item from the buyer for a price including the hammer price and the agency fee if an independent expert establishes that the item is not genuine.

9. All goods are sold with all faults and imperfections they have at the time of the sale without any warranty.

10. No object will be sold for an amount less than the estimate price in the catalogue. The auctioneer bears no responsibility for validity of the bids. The Auction House shall not be obliged to re-offer the lot for the hammer price at a future auction.

11. In our discretion, The Auction House will execute order bids or accept telephone bids as a convenience to clients who are not present at auctions in accordance with a purchase assignment. Telephone bids will not be accepted for items with starting prices below € 300 (80 000 HUF). If the connection cannot be established in case of telephone bids (i.e. the bidding person cannot be reached for any reason), it is consedered a bid for purchase placed on the starting price. We assume no liability for any difficutlies in telecommunication that may arise. Fifty per cent of the amount agreed upon in the order bid is to be paid prior to sale on which the buyer is to be given acknowledgement of receipt. In case a higher bid is left for the same lot by a third party or is by buyers in the saleroom, the the advance will be paid back to the absentee bidder. If the order to buy is succesfully executed, 20% of the purchase price is to be considered as deposit from the advance.

12. No objects marked “VÉDETT” (protected) in the catalogue may be taken abroad. Owners of protected goods will be registered by museums which should be notified in the case of any change in ownership.

13. The exportation of cultural goods is governed by the Law No. LXIV of 2001. Cultural goods may be finally exported from the country only in the possession of a license issued by the National Office of Cultural Heritage. (hungarian name: Forster Gyula Nemzeti Örökséggazdálkodási és Szolgáltatási Központ, Műtárgyfelügyeleti Iroda) A special company – in corporation with Nagyházi Gallery – deals with the exportation of cultural goods to be exported without license or with a final exportation license (licensing, packaging, customs clearance, transportation). For further information, as well as expertise and quotation, please contact FOR-ANT-EX (H-1071 Budapest, Városligeti fasor 47-49.)on the phone number 00-36-1-321- 3742 or by their e-mail address: info@forantex.hu.

14. Unsold lots may be asked to be re-auctioned by the agent at the end of the sale. The Euro rate indicated in the catalogue is only for information. The basis of the account shall always be the exchange rate at the date of the payment of the purchase price.

Important Information for Buyers

Absentee Bids

If instructed we will execute bids and advise intending purchasers. This service is free. Lots will always be bought as cheaply as is allowed by other bids. In the event of identical bids the earliest will take precedence. Always indicate a „top limit" - the amount to which you would bid if you were attending the auction yourself. „Buy" of unlimited bids will not be accepted. Orders when placed by telephone are accepted only at the sender's risk and must be confirmed before the sale by letter or fax (with bank guarantee attached)Fax no. for bids only: Nagyházi Galéria (36-1) 475-6005. To ensure a satisfactory service to bidders we strongly urge you to send bids so that they are received at least 24 hours before the sale.

Paddle Bidding

To assist the progress of the sale all intending buyers are asked to collect a bidding paddle before the commencement of selling. All intending purchasers should bring with them some personal identifications. The numbered paddle may be used to indicate your bid to the auctioneer during the sale. Should you be the successful buyer of any lot please ensure that your bid paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer please draw the auctioneer's attention to it immediately. All lots sold will be invoiced to the name and address given on the issue of the numbered bid paddles and cannot be transfered to other names and addresses. Please do not mislay your paddle. In the event of loss please inform the sales clerk immediately as others could misuse your paddle. At the end of the sale please return the paddle to the registration desk.

Storage Charges

Items not collected within 14 days will be liable to storage transport and insurance charges.

METHODS OF PAYMENT

Payment should preferably be made in cash or credit card immediately after the sale (see conditions of sale, point 3. and 4). The starting prices placed in the catalogue are given in euro based on rates of exchange i.e. the date for the deadline of the catalogue. Please, note, that rates of exchange may be different on the date of sale. For telephone bidding and absentee bids only please include lot number, your name, account number and invoice number with your instructions to the bank. (Absentee and telephone bids will be accepted in cas of successful payment.) Buyers are advised that property will not be released until payments have been cleared. Despatch will be at the buyers expense.

Bank account of Nagyházi Galéria (H-1054 Budapest, Balaton u. 8.):

IBAN HU82-12010635-01548404-00100007 (HUF)

IBAN HU61-12010635-01548404-00200004 (EUR)

SWIFT CODE: UBRTHUHB

Raiffeisen Bank (1054 Budapest, Akadémia u. 6.)

EXPLANATION OF CATALOGUE TERMS

1. Pictures catalogued under the surname and Christian name of the painters are in our professional opinion works by the artists indicated, e.g. Steen, Jan (1626-1679).

2. Pictures catalogued with the phrase tulajdonított (=attributed to) are in our learned opinion works made probably by the artist indicated.

3. Pictures catalogued with the phrase műhelye(= Studio of) are in our learned opinion works made in the studios of the artists indicated, executed possibly under their direction e.g. Studio of Steen, Jan H.

4. Pictures catalogued with the phrase köre (= Circle of) are in our learned opinion works made in the period of the indicated artists' activity and under their influence.

5. Pictures catalogued with the phrase követője (= Follower of) are in our learned opinion works by an other artist working in the style of the indicated artists but at later dates.

6. Pictures catalogued with the phrase iskolája (= School) each accompanied by a placename and date are in our learned opinion works executed at the indicated time and location, e.g. Olasz 18. század, Italy. 18th century.

7. The term jelzés (=„bears a signature") means that the artist could either not be identified or that the artist's name has been added at a later date by another hand.

8. Dimensions are given in cms, height before width.

9. The prices in the catalogue are not estimated but first bidding prices as is the custom in Hungary.