1.1 The auctioneer has the right to offer all or any of the items specified in the enclosed list (annex) either at a real auction held by the auctioneer (also in live auctions = participation of internet bidders), or at a virtual auction taking place on the internet which closes when the set time runs out (referred to hereinafter as "internet auction"). At an internet auction, the item is put up for auction on the internet or on onlineonly.kettererkunst.com or on www.fine-art- auctions.com, both internet platforms. At an auction held by the auctioneer that is not an internet auction, the following provisions apply without restriction, apart from those provisions which specifically relate to internet auctions. If items are put up for auction in an internet auction, the following provisions apply unless they are marked "V", and no. 12 also specifically applies. 1.2 The auctioneer is authorized by the consignor (=client) to sell the items named in the enclosed list (annex) in its own name and for the client's account (on commission) at an auction in accordance with the Terms of Auction, whereby both documents shall constitute integral parts of this contract, or to offer said items through the internet in an internet auction (cf. no. 12), whereby the General Terms of Purchase given at onlineonly.kettererkunst.com and www.fine-art-auctions.de/com - which likewise constitute an integral part of this contract - shall apply. The items are put up for sale by auction voluntarily. 1.3 The auction shall be carried out by an auctioneer holding an auction license; the auctioneer shall be responsible to determine this person. The auctioneer is entitled to appoint adequate proxies in accordance with § 47 GewO (German Industrial Code) to conduct the auction. Claims arising from or in connection with the auction may solely be brought against the auctioneer. 1.4 On being sent a catalog or through a notification released online, over the phone, by fax or e-mail, the client shall be notified in good time by the auctioneer of the exact date of the auction, or of further auctions in the event of the item(s) failing to be sold in the first auction (V). 1.5 The client warrants and represents that he is the rightful owner entitled to dispose over the items being put up for auction, or that he is otherwise entitled to act either in his own name on behalf of the rightful owner, or in the latter's name as an authorized agent. According to the Money Laundering Act (GwG), the client is obliged to provide appropriate proof, such as an original authorization provided by the authorized owner. Furthermore, according to the Money Laundering Act (GwG), the auctioneer is obliged to identify the client, if applicable the owner and the "beneficial owner" within the meaning of the Money Laundering Act (GwG) for the purpose of executing the order and to record and store the data and information obtained; the client or the owner authorized to dispose of the goods are obliged to cooperate, in particular to submit the necessary identification papers based on a domestic passport or a passport, identity card or passport or identity card substitute that is recognized or permitted under the provisions of immigration law. The auctioneer is entitled to make a copy or other duplication of this on a media carrier (scan, image file, etc.) in compliance with data protection regulations. In the case of legal entities or partnerships, the excerpt from the commercial or cooperative register or a comparable official register or directory must be submitted. The client assures that the identification papers and information provided by him for this purpose are correct and that he or the person he represents is the "beneficial owner" according to § 3 GwG. 1.6 In case the object put up for auction was outside of Germany after 31st December 1992, the client guarantees that an export license was issued by the respective country or that it was not needed. The client assures that he has complied with the legal provisions for all exports and imports and that he is not aware of any violations of legal provisions in previous exports and imports. 1.7 If he has not already done so, the client shall consign the items being put up for auction to the auctioneer at his own expense and risk immediately after signing this contract. The auctioneer shall store the items free of charge until the auction is held or until they are sold in a private sale, or at the most until the end of the period given in no. 7.1. 1.8 The client grants the auctioneer, or any photographers, agencies etc. commissioned by it, the right to photograph the items it has consigned, to store and reproduce such pictures, and to publish them in an auction catalog and/or in some other suitable medium (e. g. internet and suchlike). The client waives asserting his right to the pictures and other protective rights against the auctioneer and third parties. This also applies in the event of notice of termination being given, or of this contract otherwise ending. 1.9 If the consigned work turns out not to be authentic, or if reasonable suspicion arises after the consignment agreement has been concluded that the consignor is not the owner or has no right of disposal, or that there are rights of third parties in the object that prompt the auctioneer to desist from the auction (e. g. legal prohibitions), or legitimate doubts with regards to the Money Laundering Act (GwG) the auctioneer is not obligated to include the work in the auction. Hence the auctioneer is authorized to terminate the consignment contract for cause and with immediate effect pursuant to section 9.2. The auctioneer is in any case entitled to a reimbursement of his expenses pursuant to section 4.5 as against the client. Any claims on part of the auctioneer resulting therefrom remain unaffected. 1.10 The client shall receive one copy of this contract. 2.1 Under the auctioneer's general insurance policy, the consigned items are insured after delivery against damage caused by fire, mains water, breakage, force majeure, theft or transport (insofar as transport is effected by the auctioneer or its staff) in return for a fee amounting to 1 % of the hammer price, or of the reserve price if not sold, or of the settlement price at internet auctions (see no. 4.1 for definition), or - if not sold at an internet auction - of the agreed minimum sales price, plus statutory value added tax in each case. Frames are expressly excluded here. 2.2 The auctioneer is only under obligation to take out extra insurance if requested to do so in writing. The costs are to be refunded by the client. 2.3 The auctioneer shall only be liable towards the client for damage to the consigned items insofar as claims are settled by the insurance company. The amount of the insurance benefit depends on the reserve price/sales price agreed with the client. The auctioneer is entitled to deduct a fee from the refundable amount, calculated in accordance with no. 4.1 and 4.2. 2.4 Further claims on part of the client against the auctioneer, his statutory representatives, employees or vicarious agents are excluded – no matter for what legal grounds. This does not apply to the client's claims for damages due to intent or gross negligence on the part of the auctioneer, his statutory representatives or vicarious agents. The disclaimer does also not apply for the acceptance of a guarantee or the warranty of quality insofar as they are basis for liability. Liability for damages to life, body or health remain unaffected. 3.1 The auctioneer estimates the value of the items put up for auction (including internet auctions). The estimated prices fixed by the auctioneer are given in the catalog (V). 3.2 As a rule, the minimum price to be attained in the auction is 80 % of the estimated value, unless a higher reserve price has been agreed with the client in writing (V). Reserve prices in currencies other than Euro (€) are converted in accordance with no. 6, applying the exchange rate in force on the day of the auction, or in the case of subsequent sale, on the day of sale (V). 3.3 If the reserve price is not realized, the auctioneer may accept a conditional bid (V). In this case the bidder shall remain bound by his bid for 4 weeks from the date of such conditional acceptance (V). The auctioneer shall inform the client about the conditional acceptance of the bid, insofar as he is unable to otherwise attain the reserve price (V). If the client fails to declare his position to the auctioneer in good time before the bid expires, then all the resultant disadvantages including non-conclusion of a contract shall be at the client's expense (V). The auctioneer shall notify the client of the date on which the bid expires (V). 3.4 The auctioneer is also entitled to conditionally accept a bid if there is an important reason for doing so (e. g. doubts about ownership or authenticity) (V). This reservation may be lifted by the auctioneer even without the client's consent (V). 3.5 In divergence from no. 3.2, the contracting parties may also agree on sale by auction without fixing a reserve price (V). 3.6 For each new auction for which the item is entered, the contracting parties shall agree on a new reserve price well beforehand (V). In this event, the Terms of Auction shall continue to apply unaltered (V). In the event that no agreement to this effect is brought about, both parties shall have a special termination right within the meaning of no. 9.2 (clause 2) (V). No. 12.4 expressly applies to internet auctions. 4.1 In the following provisions, hammer price means the price which the buyer pays in a conventional auction or in the post-auction sale, excluding a so-called auctioneer´s commission. The settlement price is the price which the buyer pays at an internet auction, excluding the auctioneer´s commission. The purchase price visible to the respective bidder for any offer made on the internet is not the same as the settlement price which is effective between the consignor and the auctioneer. As a rule, the auctioneer´s commission payable by the buyer is 23 %. The right is reserved to alter this in individual cases. Statutory value-added tax at the rate in force at the time (currently 19 %) must also be added where applicable. 4.2 The auctioneer receives the following fees for his work:
- Hammer/settlement price up to € 3,000: herefrom 30 %
- Hammer/settlement price between € 3,001 and € 10,000: herefrom an additional 20 %
- Hammer/settlement price between above € 10.000: herefrom an additional 15 % (Example: Hammer price = € 25,000, resultant fee: € 4,400 (€ 750 for the hammer price of up to € 3,000; € 1,400 for the hammer price between € 3,001 – € 10,000 and € 2,250 for the hammer price from € 10,001)) 4.3 The auctioneer is still entitled to the fee pursuant to no. 4.1 if sale to a third party fails to take place for the client's own personal reasons. 4.4 The client is aware that in certain cases the auctioneer pays fees/royalties to the collecting organization 'Verwertungsgesellschaft Bildkunst' or other collecting societies for the visual arts (droit de suite in accordance with sect. 26 of the German Copyright Act).For this reason the client has to pay the auctioneer an additional fee by way of a contribution amounting to 2.0 % of the hammer price, plus value added tax (currently 19%) where applicable. 4.5 On top of this, the auctioneer may charge the client the costs for any expert reports, repairs and restoration works necessary in connection with the consigned items. The same also applies to other expenditures which the auctioneer has in order to safeguard the client's interests. If such expenditures exceed € 300 in amount in any individual case, the auctioneer shall inform the client beforehand except in exigent circumstances. The client has to pay for catalog illustrations of the consigned items at a net rate of € 50 to € 600 each (depending on size), or a net rate of € 20 to € 30 each for internet auctions. Statutory value-added tax at the rate in force at the time, currently 19 %, must also be added where applicable. 4.6 Furthermore, the auctioneer is entitled to ask for cost lump-sums for own expenditures for each consigned work as against the client. They are at € 150 net each for expertise, restoration, framing and transportation, hence at most € 600 net for each consigned work. Statutory value-added tax at the rate in force at the time, must also be added where applicable. 4.7 The auctioneer remains entitled to the amounts laid down in no. 4.5 and 4.6 by way of compensation for expenses, even if the consigned items are not sold either at the auction, or in the post-auction sale pursuant to no. 6, or at the internet auction. 5.1 The auctioneer undertakes to issue the client with a written statement of account the latest 4 weeks after the auction or the post-auction sale, given the object was sold The auctioneer may deduct his fees, as well as all other costs that need to be compensated, from the relevant hammer price/settlement (cf. no. 4.1). 5.2 If the amount is paid out to the client in any currency other than Euro (€), the exchange rate in force on the day of the auction generally applies. The payment may also be made at the exchange rate applying on the day on which the auctioneer receives the buyer's/bidder's payment. As a rule payment is done to an account specified by the client. Cash payment will only be made to a maximum of € 5,000. 5.3 The amount payable to the client according to the statement of account falls due 7 weeks after the auction, provided and insofar as the buyer/bidder has made payment to the auctioneer. If the buyer/bidder makes payment to the auctioneer later than 7 weeks after the auction, then the amount payable according to the statement of account shall fall due 1 week after the auction proceeds have been credited to the auctioneer. No.12.5 applies to internet auctions. 5.4 If the auctioneer does not receive the auction proceeds from the buyer, then he shall not be liable towards the client for performance of the contract even if he has provided the name of the buyer subsequent to notification of (non-)execution of the transaction. However, the auctioneer shall be liable for performance of the contract if he hands the item over to the buyer/bidder without the client's permission before receiving payment in full. 5.5 If export of a work, despite a successful sale, should not be possible, as auctioneer and/or consignor were enjoined on the part of the authorities, the auctioneer will either opt for a reverse transaction of the consignment contract or he is entitled, in case the export ban is or will be lifted, to reoffer the respective work in one of the two upcoming auctions at the conditions stipulated in this contract. In case of a reverse transaction the auctioneer is entitled to a reimbursement of expenses pursuant to sections 4.5 and 4.6 against the client. 5.6 If the buyer/bidder fails to perform his obligations to make payment or accept delivery, then the auctioneer shall be entitled but under no obligation to call in a lawyer of his choice to assert his claims on the buyer/bidder either in or out of court. If he makes use of this right the client shall reimburse the auctioneer for any court costs and lawyer's fees not refunded to it by the buyer/bidder or any other party to the litigation. 5.7 The client may request assignment by the auctioneer of his claims against a defaulting buyer/bidder to payment of the hammer or purchase price and acceptance of the item acquired, insofar as the auctioneer himself does not want to assert the claims created by the sale and insofar as this is legally permissible. At the auctioneer's option, the claims against the buyer/bidder shall only be assigned up to the amount of the hammer price excluding the auctioneer's commission. The auctioneer shall then retain the full right to assert the claim to auctioneer's commission on the buyer/bidder. The auctioneer has the right to be provided by the client with information about progress in asserting such claims at any time. Out of any payments received, the client shall pay over to the auctioneer the amounts to which he is entitled under this contract, which amounts shall fall due for payment immediately. The hammer/purchase price including the auctioneer's commission/surcharge shall only be assigned if, in return for the assignment of such claims, the client concurrently pays the auctioneer 50 % of the fees pursuant to no. 4 and 30 % of the auctioneer's commission/surcharge. 6.1 If the consigned items are not sold at the auction where the lots are called up, or if a bid accepted conditionally lapses because the condition has not been lifted, the auctioneer, without being under any obligation to act, shall be entitled to sell the items by private sale as long as they are available for subsequent auction (cf. no. 9.1), or if no subsequent auction is held, or if the client has expressly consigned the items for a specific auction only for a period of up to 2 months after the auction closes. Such sale may not be for less than the reserve price/minimum sales price, unless an agreement pursuant to no. 3.5 has been met. 6.2 If a purchase contract is concluded the auctioneer may claim his fees pursuant to no. 4.2 and the reimbursement of his other costs pursuant to no. 4.4, no. 4.5 and no. 4.6. 6.3 The post-auction sale is part of the auction and therefore covered by the auction. The Terms of Auction therefore also apply mutatis mutandis to the post-auction sale. 7.1 Any items not sold must be collected from the auctioneer by the client within 3 weeks of receiving a request to this effect. After this period, they may be sent back by the auctioneer. 7.2 All return consignments of items are made at the client's expense and risk. 7.3 If the items are not collected by the client at the auctioneer's request, and if it is not possible to send them back to him, the auctioneer shall then be entitled to demand reimbursement of the storage costs from the client. The auctioneer's right pursuant to sect. 372 ff. of the German Civil Code (BGB) to deposit or sell items not collected by the client despite a request to do so remains unaffected, as do any claims based on default in acceptance. 7.4 On defaulting in acceptance, the client bears the risk of the item's deterioration or destruction, unless such deterioration or destruction is due to intent or gross negligence on the part of the auctioneer, his statutory representatives or vicarious agents. The client is aware that after the deadline pursuant to no. 7.1 has expired to no avail, the item is no longer covered by the auctioneer's insurance. 7.5 Even before expiry of the period given in no. 6.1, the auctioneer may request the client to collect the item in accordance with no. 7.1 if he deems that it is not possible to find a post-auction buyer for the items within this period. 7.6 The auctioneer is entitled to withdraw from the contract with the purchaser (buyer) if, after the conclusion of the contract with the purchaser, it turns out that the auctioneer is not or was not entitled to carry out the purchase contract due to a legal provision or official instruction, or if there is an important reason, which makes the execution of the contract unreasonable for the auctioneer, also taking into account the legitimate interests of the buyer. Such an important reason exists in particular if there are indications of the existence of facts according to § 1 section 1 or 2 of the transaction within the meaning of the Money Laundering Act (GwG) or in the case of missing, incorrect or incomplete disclosure of the identity and economic background of the transaction within the meaning of the Money Laundering Act (GwG), as well as insufficient cooperation in the fulfillment of the obligations arising from the Money Laundering Act (GwG), regardless of whether by the client or the purchaser. The auctioneer will seek clarification without undue delay as soon as he becomes aware of the circumstances that justify withdrawal.

In such a case, the auctioneer has no obligations towards the client from the commission contract, with the exception of the obligation to return the delivered work to the client, insofar as there are no legal or official obligations to the contrary and insofar as the auctioneer is in possession of the work again. Claims for expenses and damages, as well as rights of retention, which incur the auctioneer against the client as a result, remain unaffected and are to be reimbursed to the auctioneer by the client. 8.1 The client is liable towards the auctioneer for all material defects and defects in title in the items put up for auction. 8.2 The client shall indemnify the auctioneer against all and any claims which may be brought against the latter in connection with the consigned items for whatsoever reason during the course of the auction or post-auction sale, insofar as such claims are not due to the fault of the auctioneer, his statutory representatives or vicarious agents. Indemnification covers both satisfying justified claims and entering a defense against unjustified claims. 8.3 Indemnification also covers the droit de suite pursuant to sect. 26 (1) of the German Copyright Act. The client is aware that the auctioneer has to give the author of the work the client's name and address on request pursuant to sect. 26 (5) of the German Copyright Act. 8.4 The auctioneer's claims as in no. 9.6 are expressly emphasized. 9.1 As a rule, this contract applies for several auctions, otherwise - if the client has only named one specific auction in the contract, only for the auction specified. If it only applies to one specific auction, then subject to the provision in no. 7.5, routine notice terminating it may not be given for a period of 2 months following the completion of the auction in which the items consigned by the client have been called up. In case it is effective for several auctions, it is not properly cancelable for both parties from conclusion of the contract up until 31st December of the following year, subject to the regulation governed by paragraph 9.2. If it is not terminated by any party thereafter then it shall continue to run indefinitely until notice is given. If the contractual item has already been put up for auction by the time the client's notice of termination is received, then said notice shall only become effective if no bid for the item is accepted or if it is not sold in an internet auction. 9.2 The contract may be terminated by either party for important cause. An important cause shall be, for example, if an agreement on a new reserve price fails to be reached pursuant to no. 3.6. An important cause for the auctioneer shall in particular be if it deems the consigned item unsaleable by auction, or at least not in accordance with the consignor's financial specifications. If the client terminates the contract, then he shall refund the costs pursuant to no. 4.5 and 4.6 in accordance with no. 4.7 to the auctioneer. If the auctioneer terminates the contract due to a breach of contract by the client, then he shall be entitled to the fee pursuant to no. 4.2. If a hammer/sales price for calculating the fee pursuant to no. 4.2 is not available because the item has not been sold by auction or otherwise, then the provision given in no. 9.3 below shall apply accordingly. 9.3 If the client terminates this contract without being entitled to do so pursuant to no. 9.1 or no. 9.2 above, then the auctioneer shall be entitled to claim damages from the client in addition to the reimbursement of costs pursuant to no. 4.5 and no. 4.6. The amount of the damage shall depend on the lost profits which the auctioneer would have attained in accordance with no. 4.2. It is agreed that instead of the hammer/sales price, the estimated price or, in case of an estimated price range, the medium estimate shall be used for calculating the fee. If no estimate has been made, then this may subsequently be done by the auctioneer. If the client objects to the estimated value, then the auctioneer shall be entitled to instruct an independent expert to make an estimate. The auctioneer only has to pay the costs for this if the estimated value established by the expert is 10 % less than that established by the auctioneer. Otherwise the client has to pay the costs. Before commissioning the expert, the auctioneer may demand provision of a reasonable amount of security by the client. If the auctioneer proves that it has sustained greater losses than just lost profits, then the client shall be under obligation to compensate such losses. 9.4 If the client withdraws a submitted work from an auction without being entitled to do so, then he shall be under obligation to compensate the auctioneer for the losses thus sustained. The auctioneer's compensation is subject to fixed withdrawal fees common in the branch, namely 12 % of the calling price before the catalog goes to printing, 18 % of the calling price between the catalog going to printing and the item being exhibited, and 24 % of the calling price for exhibited items. For internet auctions, the amount charged is 12 % of the estimated value pursuant to no. 9.3 before the item is posted in the internet, and 20 % thereafter. 9.5 The client is expressly allowed to prove that no damage or substantially less damage has been sustained. 9.6 In case it becomes evident after the auction that the work is not authentic, and that the purchase contract with the buyer is hence canceled, the auctioneer is entitled towards the client to all costs that have incurred and will incur the auctioneer, even if the buyer‘s right may be excluded, because of the auctioneer‘s liability limitations with the purchaser, e. g. in warranty law, limited or not enforceable by reason of a possible limitation period, forfeiture or a comparable objection. The client is aware that the auctioneer does not have to invoke these objections to the buyer. In the event of a corresponding reverse transaction with the buyer, the auctioneer may incur expenses up to the amount of the purchase price plus premium and incidental costs (costs of transport, insurance, duties, etc.) as well as the corresponding necessary legal costs or costs of defending against claims, which can be claimed from the client. 10.1 The auctioneer may postpone all or part of an auction or a subsequent auction or defer an auction period (internet auction) for important cause. In any such case, the parties shall remain bound by the auction contract provided the auction is subsequently held within a period of 2 months after the date originally scheduled. Force majeure is also deemed an important cause. 10.2 If the auction is not subsequently held within the period laid down in no. 10.1, then the contract shall lose effect. However, the auctioneer shall retain his entitlement to reimbursement of the costs pursuant to no. 4.5, unless the postponement is due to intent or gross negligence on the part of the auctioneer, his statutory representatives or his vicarious agents. 10.3 The auctioneer may cancel all or part of the auction for important cause. Force majeure is also deemed an important cause. In any such case, the auctioneer shall only have those claims against the client that are specified in no. 4.5, unless the cancellation is due to intent or gross negligence on the part of the auctioneer, his statutory representatives or his vicarious agents. 11.1 Offsetting the auctioneer's demands against the client's claims against the auctioneer is excluded, unless the client's claims have been acknowledged or declared res judicata. The client's right of retention is excluded. Right of retention on the part of a client who is not an enterpriser within the meaning of sect. 14 of the German Civil Code shall only be excluded insofar as such right is not based on the same contractual relationship. 11.2 In business dealings with enterprisers, these Terms of Consignment and the Terms of Auction shall apply exclusively. No other terms shall be integrated in the contract, even if they are not expressly refuted by the auctioneer. 12.1 The above provisions of this auction contract also apply mutatis mutandis to pure internet auctions held in the internet (no live auction in terms of no. 1.1), unless they are marked „V“ or unless some deviation from them is made below. The provisions of this no.12 apply exclusively to internet auctions. 12.2 A pure internet auction is not an auction within the meaning of either the German Ordinance on Commercial Auctions [Versteigerungsverordnung] or the German Civil Code, sect. 156. The client confirms herewith that he/she is aware of the "General Terms of Business for Making Purchases on onlineonly.kettererkunst.com or on www.fine-art-auctions.com" as provided on that website. 12.3 The auctioneer is entitled to offer the item in the internet auction for the minimum sales price (minimum offer) given in the annex to the auction contract. Prices in currencies other than Euro (€) shall be converted at the exchange rate applying on the day of the internet auction. A lower minimum offer is possible, subject to approval by the client. 12.4 If no bidder is found who is willing to pay the minimum offer pursuant to no. 12.3, then the auctioneer may put the item up for sale by auction at another internet auction, quoting a 10 % reduction in the minimum offer. If no bidder is found for this minimum offer either, then the auctioneer shall be entitled to put the item up for sale by auction at further internet auctions, quoting a 10 % reduction in the minimum offer each time, but not less than 50 % of the minimum sales price originally agreed on. The parties to the contract may depart from this by written agreement. 12.5 Supplementing no. 5.3, the payment to the client shall not fall due until the buyer's statutory right to revoke the purchase contract, e. g. under sections 321d and 355 of the German Civil Code, has lapsed. The payment may be demanded back from the client if it has already been paid out to the client and the buyer subsequently legitimately revokes the purchase contract. We expressly emphasize the auctioneer's applicable data protection regulations. They are published on the Internet on www.ketterer-rarebooks.com/privacypolicy/index.php. They are part of the contract and the basis of every business contact, even in the initiation phase. 14.1 Legal relations between the auctioneer and the client shall be governed by German law excluding CISG. 14.2 In businesses with special trusts under public law, registered merchants and public corporations, it is agreed that Munich shall be place of performance and place of jurisdiction (including proceedings involving checks and bills of exchange). This also applies if the client does not have a general place of jurisdiction in Germany. 14.3 Oral ancillary agreements must be done in writing in order to become effective. The same applies to any waiver of the requirement for written form. 14.4 Dispute Resolution Processes

The auctioneer is neither legally obliged nor has to voluntarily join a dispute settlement procedure (e. g. Art. 36 Para. 1 Consumer Dispute Settlement Act (VSBG)) before a Consumer Dispute Settlement Agency and is therefore not willing to participate in such a procedure. 14.5 If any provision of this contract is or becomes invalid, this shall not affect the validity of the remaining provisions. §306 sect. 2 of the German Civil Code applies. 14.6 The provisions on commission business laid down in the German Commercial Code (HGB), sect. 383 ff. shall also apply to the contractual relationship. (Date of issue: 06/2022)