1. Agent will put up for auction the works of art handed over and will sell them to the highest bidding buyer. In case of selling the objects the commercial representative is entitled to an agency fee of 15 % of the full auction.

2. The Auction house will publish the objects in its catalogue and on the Internet, the related costs depending on the size of the picture in the catalogue vary between 4,000 and 25,000, as agreed. The contribution to the costs includes the photos of the objects, picture processing and the costs of the preparation for the presswork and the printing as well as the Internet processing and publication. In the interests of the auction sale it might be necessary to restore the object of which costs will be determined following negotiations with the restaurateurs. The payment of the costs will be due in case of a successful sale at the payment of the purchase price due to Client. With regard to all costs arising in course of the auction of the object (catalogue costs, restoration fees as well as expert’s fee) a 27 % VAT must be paid.

3. After a control estimate the Auction house - if justified - is entitled to modify the starting price set out when the object was handed over. It is obliged to inform Client about the modification of the starting price on the phone. If Client does not give its consent to the modification, then the agreement shall be regarded as terminated by it and it is obliged to transport the object from the warehouse of the Auction house at its own expense. Client is obliged to give its exact postal address. The Auction house will keep in contact with Client via e-mail, phone and/or postal correspondence. Client is liable for legal consequences resulting from an inaccurate address. The registered mail sent to the address of Client which comes back with the notes “unknown”, “not taken over”, “moved to unknown address”, “not accepted”, “moved” or “address not enough” is to be regarded as delivered for the purposes of this agreement.

4. Client acknowledges that the expert committee commissioned by the Auction house is entitled reject the work of art handed over by it or can change the date of its auction. About the reasons for this the Auction house will be able to provide information following the end of the compilation of the catalogue.

5. Client declares that the objects handed over for auction are exclusively owned by Client or Client proceeds on the basis of a power of attorney from the owner - in form of a private document with full probative force or a public document. Client declares further to undertake an explicit legal warranty liability. Client undertakes the obligation to compensate for the damages resulting, if the above declaration is not true.

6. Until the auction Client can at any time terminate the agreement without any justification and can initiate the termination of the agreement. If this happens after the deadline for handing over the objects, then in addition to the costs agreed on earlier, 5 % of the starting price and after the publication of the catalogue 30 % thereof must be paid as compensation for damages to the Auction house plus the 27 % VAT.

7. Client acknowledges that Agent will pay the purchase price of the object sold at the auction after the performance, which in some cases may exceed 30 days.

8. The Auction house is entitled to offer a commission price for the objects not sold or to withdraw from further sale. Client has 30 days to conclude the agency agreement or to transport the object following the settlement of the costs. The objects not transported will be stored by the Auction house for a further 30 days against a storage fee amounting to 5 % of the starting price at the risk of Client. After the 61st day without any separate notification Agent is entitled to sell the object for the price defined in accordance with the demand and to deduce the costs arising from the purchase price. The remaining amount is due to Client and Client is entitled to take this over from the Auction house within the limitation in time and without interests. This provision shall also be applied for the transport costs set out in section 3. of this agreement.

9. The liability of Agent for compensation for damages is limited in the amount of the starting price of the work of art handed over after the deduction of the costs set out in this agreement.

10. For the financial settlement the original agreement and personal identification must be shown. In the absence of these Client is entitled to proceed on the basis of a declaration drawn up as a notarial deed. Loss, destruction or theft of the agreement shall be reported immediately. Failing to do so results in all damages and disadvantages to be paid for by Client.

11. After five years following the signing of the agreement Client (its legal successor) is not any more entitled to enforce a claim resulting from the given legal relationship against the Auction house.

12. The auction agreement terminates simultaneously with the settlement of the costs and expenses with the performance of the commission, its transformation into an agency agreement or by termination with notice or by joint declaration of intent. In case of termination of the agreement - if Client had an advance payment - it is obliged repay it to the Auction house together with its interests.

13. In questions not regulated by the present agreement the provisions of the Hungarian Civil Code shall apply. In case of process parties agree on the jurisdiction of the Central Court Pest or the Metropolitan Court of Budapest, depending on the value limit. This agreement - with the provisions of the Terms and conditions of the auction set out in the catalogue and being integral annexes of this agreement - has been signed by parties as fully concordant with their will.