AUCTION TITLE/PREVIEW DATES

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SPECIALISTS & SERVICES

SPECIALISTS

London
Damian Vesey
Junior Specialist
dvesey@christies.com
Tel: +44 (0)20 7389 2700
Fax: +44 (0)20 7389 2326

New York
Hugo Weihe
International
Head of Department
hweihe@christies.com

Deepanjana Klein
Head of Department
dklein@christies.com

Rashmi Viswanathan
Associate Specialist
rviswanathan@christies.com
Tel: +1 212 636 2190
Fax: +1 212 636 4934

Mumbai
Sonal Singh
Specialist
ssingh@christies.com

Nishad Avari
Associate Specialist
navari@christies.com
Tel: +91 22 2280 7905
Fax: +91 22 2280 7911

New Delhi
Arun Vadehra
Meneka Kumari-Shah
Consultants

AUCTION ADMINISTRATORS
London
Anastasia Phillips
Cataloguer and Administrator
amjphillips@christies.com
Tel: +44 (0)20 7389 2700
Fax: +44 (0)20 7389 2326

New York
Anita Mehta
Senior International Adminstrator
amehta@christies.com
Tel: +1 212 636 2190
Fax: +1 212 636 4934

Mumbai
Umah Jacob
Adminstrator
ujacob@christies.com
Tel: +91 22 2280 7905
Fax: +91 22 2280 7911

BUSINESS MANAGEMENT
Quincy Kresler
qkresler@christies.com
Tel: +44 (0)20 7389 2260

Julia Grant
jgrant@christies.com
Tel: +44 (0)207 752 3113

Amelie Sarrado
asarrado@christies.com
Tel: +44 (0)20 3219 6416

SERVICES
ABSENTEE AND TELEPHONE BIDS
Tel: +44 (0)20 7389 2658
Fax: +44 (0)20 7930 8870
Internet: www.christies.com

AUCTION RESULTS
UK: +44 (0)20 7839 9060
US: +1 212 703 8080
Internet: www.christies.com

CATALOGUES ONLINE
Lotfinder®
Internet: www.christies.com

CLIENT SERVICES
Tel: +44 (0)20 7839 9060
Fax: +44 (0)20 7389 2869
Email : info@christies.com

PAYMENT
Buyers
Tel: +44 (0)20 7839 9060
Fax: +44 (0)20 7389 2869
Consignors
Tel: +44 (0)20 7389 2586
Fax: +44 (0)20 7581 5295

SHIPPING
Tel: + 44 (0)20 7389 2712
Fax: +44 (0)20 7389 2869

STORAGE AND COLLECTION
Tel: + 44 (0)20 7752 3248
Fax: +44 (0)20 7581 3321

AUCTION SERVICES
CHRISTIE’S AUCTION ESTIMATES
Tel: +1 212 636 2615
Fax: +1 212 636 4954
info@christies.com

CHRISTIE’S FINE ART SECURITY SERVICES
UK: +44 (0)20 7622 0609
Fax: +44 (0)20 7978 2073
cfass@christies.com

CORPORATE COLLECTIONS
Tel: +1 212 636 2375
Fax: +1 212 636 2370
sfarber@christies.com

ESTATES AND APPRAISALS
Tel: +1 212 636 2400
Fax: +1 212 636 2370
info@christies.com

MUSEUM SERVICES
Tel: +1 212 636 2620
Fax: +1 212 636 4931
awhiting@christies.com

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IMPORTANT NOTICES

IMPORTANT NOTICES

CHRISTIE’S INTEREST IN PROPERTY
CONSIGNED FOR AUCTION
From time to time, Christie’s may offer a lot which
it owns in whole or in part. Such property is
identified in the catalogue with the symbol Δ next
to its lot number.
On occasion, Christie’s has a direct financial
interest in lots consigned for sale, which may
include guaranteeing a minimum price or making
an advance to the consignor that is secured solely
by consigned property. Such property is identified
in the catalogue with the symbol º next to the lot
number. This symbol will be used both in cases
where Christie’s holds the financial interest on its
own, and in cases where Christie’s has financed
all or part of such interest through third parties.
When a third party agrees to finance all or part
of Christie’s interest in a lot, it takes on all or
part of the risk of the lot not being sold, and will
be remunerated in exchange for accepting this
risk. The third party may also bid for the lot.
Where it does so, and is the successful bidder,
the remuneration may be netted against the final
purchase price. If the lot is not sold, the third
party may incur a loss. Where Christie’s has an
ownership or financial interest in every lot in the
catalogue, Christie’s will not designate each lot
with a symbol, but will state its interest at the front
of the catalogue.
In this catalogue, if property has a °♦ next to the lot
number, Christies guarantee of a minimum price has
been financed through third parties.

ALL DIMENSIONS ARE APPROXIMATE

CONDITION
Christie’s catalogues include references to condition
only in descriptions of multiple works (such as
prints, books and wine). For all other property,
only alterations or replacement components are
listed. Please contact the Specialist Department for
a condition report on a particular lot. The nature
of the lots sold in our auctions is such that they will
rarely be in perfect condition, and are likely, due to
their nature and age, to show signs of wear and tear,
damage, other imperfections, restoration or repair.
Any reference to condition in a catalogue entry
will not amount to a full description of condition.
Condition reports are usually available on request,
and will supplement the catalogue description. In
describing lots, our staff assess the condition in a
manner appropriate to the estimated value of the
item and the nature of the auction in which it is
included. Any statement as to the physical nature or
condition of a lot, in a catalogue, condition report
or otherwise, is given honestly and with appropriate
care. However, Christie’s staff are not professional
restorers or trained conservators and accordingly
any such statement will not be exhaustive. We
therefore recommend that you always view property
personally, and, particularly in the case of any items
of significant value, that you instruct your own
restorer or other professional adviser to report to you
in advance of bidding.

PROPERTY INCORPORATING MATERIALS
FROM ENDANGERED AND OTHER
PROTECTED SPECIES
Property made of or incorporating (irrespective
of percentage) endangered and other protected
species of wildlife are marked with the symbol ~
in the catalogue. Such material includes, among
other things, ivory, tortoiseshell, crocodile skin,
rhinoceros horn, whale bone and certain species of
coral, together with Brazilian rosewood. Prospective
purchasers are advised that several countries prohibit
altogether the importation of property containing
such materials, and that other countries require a
permit (e.g., a CITES permit) from the relevant
regulatory agencies in the countries of exportation
as well as importation. Accordingly, clients should
familiarise themselves with the relevant customs laws
and regulations prior to bidding on any property
with wildlife material if they intend to import the
property into another country. Please note that it is
the client’s responsibility to determine and satisfy the
requirements of any applicable laws or regulations
applying to the export or import of property
containing endangered and other protected wildlife
material. The inability of a client to export or import
property containing endangered and other protected
wildlife material is not a basis for cancellation or
rescission of the sale. Please note also that lots
containing potentially regulated wildlife material are
marked as a convenience to our clients, but Christie’s
does not accept liability for errors or for failing to
mark lots containing protected or regulated species.

RECENT CHANGES TO IMPORTS OF
ELEPHANT IVORY AND OTHER WILDLIFE
MATERIAL INTO THE USA
The USA has recently changed its policy on the
import of property made of or containing elephant
ivory. Only Asian Elephant ivory may be imported
into the USA, and imports must be accompanied by
DNA analysis and confirmation the object is more
than 100 years old. We have not obtained a DNA
analysis on any lot prior to sale and cannot indicate
whether the elephant ivory in a particular lot is
African or Asian elephant. Buyers purchase these
lots at their own risk and will be responsible for the
costs of obtaining any DNA analysis or other report
required in connection with their proposed import of
such property into the USA.
The USA is also currently requiring all imports of
property made of or containing wildlife material
to be accompanied by a scientific confirmation of
species and in some cases an additional confirmation
of age. We have not obtained such confirmations
prior to sale (unless specifically indicated) and
buyers will be responsible for the costs of any such
additional confirmations or opinions required for
their proposed import into the USA.
A buyer’s inability to export or import any lot
containing elephant ivory or other wildlife material
is not a basis for cancelling the purchase.
POST 1950 FURNITURE
All items of post-1950 furniture included in this
sale are items either not originally supplied for use
in a private home or now offered solely as works
of art. These items may not comply with the
provisions of the Furniture and Furnishings (Fire)
(Safety) Regulations 1988 (as amended in 1989 and
1993, the “Regulations” ). Accordingly, these items
should not be used as furniture in your home in
their current condition. If you do intend to use such
items for this purpose, you must first ensure that
they are reupholstered, restuffed and/or recovered
(as appropriate) in order that they comply with the
provisions of the Regulations.

POST 1950 FURNITURE
All items of post-1950 furniture included in this
sale are items either not originally supplied for use
in a private home or now offered solely as works
of art. These items may not comply with the
provisions of the Furniture and Furnishings (Fire)
(Safety) Regulations 1988 (as amended in 1989 and
1993, the “Regulations” ). Accordingly, these items
should not be used as furniture in your home in
their current condition. If you do intend to use such
items for this purpose, you must first ensure that
they are reupholstered, restuffed and/or recovered
(as appropriate) in order that they comply with the
provisions of the Regulations.

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EXPLANATION OF CATALOGUING

EXPLANATION OF
CATALOGUING PRACTICE

FOR PICTURES, DRAWINGS, PRINTS
AND MINIATURES
Terms used in this catalogue have the meanings
ascribed to them below. Please note that all statements
in this catalogue as to authorship are made subject to
the provisions of the Conditions of Sale and Limited
Warranty. Buyers are advised to inspect the property
themselves. Written condition reports are usually available
on request.

Name(s) or Recognised Designation of an Artist
without any Qualification
In Christie’s opinion a work by the artist.
*“Attributed to …”
In Christie’s qualified opinion probably a work by the
artist in whole or in part.
*“Studio of …”/“Workshop of …”
In Christie’s qualified opinion a work executed in the
studio or workshop of the artist, possibly under his
supervision.
*“Circle of …”
In Christie’s qualified opinion a work of the period of
the artist and showing his influence.
*“Follower of …”
In Christie’s qualified opinion a work executed in the
artist’s style but not necessarily by a pupil.
*“Manner of …”
In Christie’s qualified opinion a work executed in the
artist’s style but of a later date.
*“After …”
In Christie’s qualified opinion a copy (of any date) of a
work of the artist.
“Signed …”/“Dated …”/
“Inscribed …”
In Christie’s qualified opinion the work has been
signed/dated/inscribed by the artist.
“With signature …”/“With date …”/
“With inscription …”
In Christie’s qualified opinion the signature/
date/inscription appears to be by a hand other than that
of the artist.
The date given for Old Master, Modern and
Contemporary Prints is the date (or approximate date
when prefixed with ‘circa’) on which the matrix was
worked and not necessarily the date when the impression
was printed or published.
*This term and its definition in this Explanation of
Cataloguing Practice are a qualified statement as to
authorship. While the use of this term is based upon
careful study and represents the opinion of specialists,
Christie’s and the consignor assume no risk, liability
and responsibility for the authenticity of authorship of
any lot in this catalogue described by this term, and the
Limited Warranty shall not be available with respect to
lots described using this term.

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BUYING AT CHRISTIE'S

CONDITIONS OF SALE
Christie’s Conditions of Sale and Limited Warranty
are set out later in this catalogue. Bidders are strongly
encouraged to read these as they set out the terms on
which property is bought at auction.

ESTIMATES
Estimates are based upon prices recently paid at auction
for comparable property, condition, rarity, quality and
provenance. Estimates are subject to revision. Buyers
should not rely upon estimates as a representation
or prediction of actual selling prices. Estimates do not
include the buyer’s premium or VAT. Where “Estimate
on Request” appears, please contact the Specialist
Department for further information.

RESERVES
The reserve is the confidential minimum price the
consignor will accept and will not exceed the low presale
estimate. Lots that are not subject to a reserve are
identified by the symbol % next to the lot number.

BUYER’S PREMIUM
Christie’s charges a premium to the buyer on the final bid
price of each lot sold at the following rates: 25% of the
final bid price of each lot up to and including £50,000,
20% of the excess of the hammer price above £50,000
and up to and including £1,000,000 and 12% of the excess
of the hammer price above £1,000,000. Exceptions: Wine
and Cigars: 17.5% of the final bid price of each lot. VAT is
payable on the premium at the applicable rate.

PRE-AUCTION VIEWING
Pre-auction viewings are open to the public free of charge.
Christie’s specialists are available to give advice and
condition reports at viewings or by appointment.

BIDDER REGISTRATION
Prospective buyers who have not previously bid or
consigned with Christie’s should bring:
%, Individuals: government-issued photo identification
(such as a photo driving licence, national identity card, or
passport) and, if not shown on the ID document, proof
of current address, for example a utility bill or bank
statement.
%, Corporate clients: a certificate of incorporation.
%, For other business structures such as trusts, offshore
companies or partnerships, please contact Christie’s Credit
Department at + 44 (0)20 7839 2825 for advice on the
information you should supply.
%, A financial reference in the form of a recent bank
statement or a reference from your bank in line with your
expected purchase level. Christie’s can supply a form of
wording for the bank reference if necessary.
%, Persons registering to bid on behalf of someone who has
not previously bid or consigned with Christie’s should bring
identification documents not only for themselves but also
for the party on whose behalf they are bidding, together
with a signed letter of authorisation from that party.
To allow sufficient time to process the information, new
clients are encouraged to register at least 48 hours in
advance of a sale.
Prospective buyers should register for a numbered bidding
paddle at least 30 minutes before the auction. Clients
who have not made a purchase from any Christie’s office
within the last one year, and those wishing to spend
more than on previous occasions, will be asked to supply
a new bank reference. For assistance with references,
please contact Christie’s Credit Department at +44 (0)20
7389 2862 (London, King Street) or at +44 (0)20 7752 3137
(London, South Kensington). We may at our option ask
you for a financial reference or a deposit as a condition of
allowing you to bid.

REGISTERING TO BID ON SOMEONE ELSE’S BEHALF
Persons bidding on behalf of an existing client should
bring a signed letter from the client authorising the
bidder to act on the client’s behalf. Please note that
Christie’s does not accept payments from third parties.
Christie’s can only accept payment from the client, and
not from the person bidding on their behalf.

BIDDING
The auctioneer accepts bids from those present in the saleroom,
from telephone bidders, or by absentee written bids
left with Christie’s in advance of the auction. The auctioneer
may also execute bids on behalf of the seller up to the
amount of the reserve. The auctioneer will not specifically
identify bids placed on behalf of the seller. Under no
circumstances will the auctioneer place any bid on behalf
of the seller at or above the reserve. Bid steps are shown on
the Absentee Bid Form at the back of this catalogue.

ABSENTEE BIDS
Absentee bids are written instructions from prospective
buyers directing Christie’s to bid on their behalf up to a
maximum amount specified for each lot. Christie’s staff will
attempt to execute an absentee bid at the lowest possible
price, taking into account the reserve price. Absentee bids
submitted on “no reserve” lots will, in the absence of a
higher bid, be executed at approximately 50% of the low
pre sale estimate or at the amount of the bid if it is less
than 50% of the low pre-sale estimate. The auctioneer
may execute absentee bids directly from the rostrum,
clearly identifying these as “absentee bids”, “book bids”,
“order bids” or “commission bids”. Absentee Bids Forms
are available in this catalogue, at any Christie’s location, or
online at christies.com.

TELEPHONE BIDS
Telephone bids cannot be accepted for lots estimated
below £2,000. Arrangements must be confirmed with the
Bid Department at least 24 hours prior to the auction at
+44 (0)20 7389 2658 (London, King Street) or +44 (0)20
7752 3225 (London, South Kensington). Arrangements to
bid in languages other than English must be made well in
advance of the sale date. Telephone bids may be recorded.
By bidding on the telephone, prospective purchasers
consent to the recording of their conversation.

SUCCESSFUL BIDS
While Invoices are sent out by mail after the auction we do
not accept responsibility for notifying you of the result of
your bid. Buyers are requested to contact us by telephone or
in person as soon as possible after the sale to obtain details
of the outcome of their bids to avoid incurring unnecessary
storage charges. Successful bidders will pay the price of the
final bid plus premium plus any applicable VAT.

PAYMENT
Buyers are expected to make payment for purchases
immediately after the auction. To avoid delivery delays,
prospective buyers are encouraged to supply bank or other
suitable references before the auction. Please note that
Christie’s will not accept payments for purchased Lots
from any party other than the registered buyer.
Lots purchased in London may be paid for in the following
ways: wire transfer, credit card: Visa and MasterCard &
American Express only (up to £25,000), and cash (up to
£5,000 (subject to conditions)), bankers draft (subject to
conditions) or cheque (must be drawn in GBP on a UK bank;
clearance will take 5 to 10 business days).
Wire Transfers: Lloyds TSB Bank Plc City Office PO Box 217
72 Lombard Street, London
EC3P 3BT A/C: 00172710 Sort Code: 30-00-02 for
international transfers, SWIFT LOYDGB2LCTY. For banks
asking for an IBAN: GB81 LOYD 3000 0200 1727 10.
Credit Card: Visa and MasterCard & American Express only
A limit of £25,000 for credit card payments will apply. This
limit is inclusive of the buyer’s premium and any applicable
taxes. Credit card payments at London sale sites will only
be accepted for London sales. Christie’s will not accept
credit card payments for purchases made in any other
sale site. The fax number to send completed CNP (Card
Member not Present) authorisation forms to is +44 (0) 20
7389 2821. The number to call to make a CNP payment over
the phone is +44 (0) 20 7752 3388. Alternatively, clients can
mail the authorisation form to the address below.
Cash is limited to £5,000 (subject to conditions).
Bankers Draft should be made payable to Christie’s
(subject to conditions).
Cheques should be made payable to Christie’s (must be
drawn in GBP on a UK bank, clearance will take 5 to 10
business days).
In order to process your payment efficiently, please quote
sale number, invoice number and client number with all
transactions.
All mailed payments should be sent to:
Christie’s, Cashiers’ Department, 8 King Street, St James’s,
London, SW1Y 6QT
Please direct all inquiries to King Street Tel: +44 (0) 20
7389 2996 Fax: +44 (0) 20 7389 2863 or South Kensington
Tel: +44 (0) 20 7752 3138 Fax: +44 (0) 20 7752 3143

VAT
†
VAT payable at 20% on hammer price and buyer’s
premium
*
These lots have been imported from outside the EU for
sale using a Temporary Import regime. Import VAT is
payable (at 5%) on the Hammer price. VAT is also payable
(at 20%) on the buyer’s Premium on a VAT inclusive
basis. This VAT is not shown separately on the invoice.
When a buyer of such a lot has registered an EU address
but wishes to export the lot or complete the import into
another EU country, he must advise Christie’s immediately
after the auction.
Ω
These lots have been imported from outside the EU for
sale using a Temporary Import regime. Import VAT is
payable (at 20%) on the Hammer price. VAT is also payable
(at 20%) on the buyer’s Premium on a VAT inclusive
basis. This VAT is not shown separately on the invoice.
Where applicable Customs duty will be charged (per rate
specified by HMRC guidance) on the Hammer price and
VAT will be payable at 20% on duty. When a buyer of such
a lot has registered an EU address but wishes to export
the lot or complete the import into another EU country, he
must advise Christie’s immediately after the auction.
α, Buyers from within the EU:
VAT payable at 20% on just the buyer’s premium (NOT
the hammer price).
Buyers from outside the EU:
VAT payable at 20% on hammer price and buyer’s
premium. If a buyer, having registered under a non-EU
address, decides that the item is not to be exported
from the EU, then he should advise Christie’s to this
effect immediately
Θ, Zero rated
No VAT charged.
(no symbol) Auctioneers’ Margin Scheme
, In all other circumstances no VAT will be charged on the
hammer price, but VAT payable at 20% will be added to
the buyer’s premium which is invoiced on a VAT inclusive
basis.
Wine Auctions
‡, Stock offered duty-paid, but available in bond.
VAT at 20% on hammer price and buyer’s premium
(wine only).
VAT Refunds
Refunds cannot be made where lots have been purchased
with an inside EU address. Christie’s can only refund
Import VAT (Lots with * or Ω symbol) if lots are exported
within 30 days of collection. Valid export documents must
be returned within the stipulated time frame. No refund
will be paid out where the total amount is less than £100.
UK & EU private buyers cannot reclaim VAT. Christie’s
will charge £35 for each refund processed. For detailed
information please see the leaflets available, or email
info@Christies.com
Where non-EU buyers have failed to export their lots
outside of the EU within the required time, HM Revenue
& Customs will not allow a VAT refund to be made. This
is a requirement of UK legislation and Christie’s do not
have discretion to make exceptions to the rule. UK and EU
private buyers cannot reclaim any VAT charged.

ARTIST’S RESALE RIGHT (“DROIT DE SUITE”)
If a lot is affected by this right it will be identified with the
symbol λ next to the lot number. The buyer agrees to pay
to Christie’s an amount equal to the resale royalty. Resale
royalty applies where the Hammer Price is 1,000 Euro or
more and the amount cannot be more than 12,500 Euro
per lot. The amount is calculated as follows:
Royalty, For the portion of the Hammer Price (in Euro)
4.00%, up to 50,000
3.00%, between 50,000.01 and 200,000
1.00%, between 200,000.01 and 350,000
0.50%, between 350,000.01 and 500,000
0.25%, in excess of 500,000
Invoices will, as usual, be issued in Pounds Sterling. For
the purposes of calculating the resale royalty the Pounds
Sterling/Euro rate of exchange will be the European
Central Bank reference rate on the day of the sale.

SHIPPING
It is the buyer’s responsibility to pick up purchases or
make all shipping arrangements. After payment has been
made in full, Christie’s can arrange property packing and
shipping at the buyer’s request and expense. Buyers should
request an estimate for any large items or property of high
value that require professional packing. A shipping form
is enclosed with each invoice, alternatively buyers can
visit www.christies.com/shipping to request a shipping
estimate.
For more information please contact the Shipping
Department at + 44 (0)20 7389 2712 or via
ArtTransport_London@christies.com for both London,
King Street and London, South Kensington sales.

EXPORT OF GOODS FROM THE EU
If you are proposing to take purchased items outside the
EU the following applies:
Christie’s Art Transport:
If you use Christie’s Art Transport you will not be required
to pay the VAT at the time of settlement.
Own Shipper:
VAT will be charged on the invoice, refundable by the
VAT Department upon receipt of the appropriate official
documents sent to us by your shipper.
Hand-Carried:
VAT will be charged on the invoice.This will be refunded
by the VAT Department upon receipt of the appropriate
official document.
*, Ω or †
Starred, Omega or Daggered lots – A C88 can be obtained
from Christie’s Shipping Department .This document must
be stamped by UK Customs on leaving the UK.
(no symbol)
Margin Scheme – Please obtain a GB Tax Free form from
the Cashiers. This document must be stamped by UK
Customs on leaving the UK.
Starred or Omega lots must be exported within 30 days of
the date of collection. All other lots not subject to import
VAT must be exported within three months of collection,
and proof of export provided in the appropriate form.

EXPORT/IMPORT PERMITS
Buyers should always check whether an export licence
is required before exporting. It is the buyer’s sole
responsibility to obtain any relevant export or import
licence. The denial of any licence or any delay in obtaining
licences shall neither justify the rescission of any sale nor
any delay in making full payment for the lot.
Christie’s can advise buyers on the detailed provisions
of the export licensing regulations and will submit any
necessary export licence applications on request. However,
Christie’s cannot ensure that a licence will be obtained.
Local laws may prohibit the import of some property and/or
may prohibit the resale of some property in the country of
importation. For more information, please contact Christie’s
Shipping Department at +44 (0)20 7389 2828 or the the
Museums, Libraries and Archives Council: Acquisitions,
Export and Loans Unit at +44 (0)20 7273 8269/8267.

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STORAGE AND COLLECTION

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CONDITIONS OF SALE

These Conditions of Sale and the Important Notices
and Explanation of Cataloguing Practice set out the
terms governing the legal relationship of Christie’s
and the seller with the buyer. You should read them
carefully before bidding.

1. CHRISTIE’S AS AGENT
Except as otherwise stated Christie’s acts as agent for
the seller. The contract for the sale of the property is
therefore made between the seller and the buyer.

2. CATALOGUE DESCRIPTIONS AND
CONDITION
Lots are sold as described and otherwise in the
condition they are in at the time of the sale, on the
following basis.
(a) Condition
The nature of the lots sold in our auctions is such
that they will rarely be in perfect condition, and
are likely, due to their nature and age, to show
signs of wear and tear, damage, other imperfections,
restoration or repair. Any reference to condition in a
catalogue entry will not amount to a full description
of condition. Condition reports are usually available
on request, and will supplement the catalogue
description. In describing lots, our staff assess the
condition in a manner appropriate to the estimated
value of the item and the nature of the auction
in which it is included. Any statement as to the
physical nature or condition of a lot, in a catalogue,
condition report or otherwise, is given honestly and
with appropriate care. However, Christie’s staff are
not professional restorers or trained conservators
and accordingly any such statement will not be
exhaustive. We therefore recommend that you
always view property personally, and, particularly
in the case of any items of significant value, that
you instruct your own restorer or other professional
adviser to report to you in advance of bidding.
(b) Cataloguing Practice
Our cataloguing practice is explained in the
Important Notices and Explanation of Cataloguing
Practice, which appear after the catalogue entries.
(c) Attribution, etc
Any statements made by Christie’s about any
lot, whether orally or in writing, concerning
attribution to, for example, an artist, school, or
country of origin, or history or provenance, or any
date or period, are expressions of our opinion or
belief. Our opinions and beliefs have been formed
honestly and in accordance with the standard of
care reasonably to be expected of an auction house
of Christie’s standing, due regard having been had
to the estimated value of the item and the nature
of the auction in which it is included. It must be
clearly understood, however, that, due to the nature
of the auction process, we are unable to carry out
exhaustive research of the kind undertaken by
professional historians and scholars, and also that,
as research develops and scholarship and expertise
evolve, opinions on these matters may change. We
therefore recommend that, particularly in the case
of any item of significant value, you seek advice on
such matters from your own professional advisers.
(d) Estimates
Estimates of the selling price should not be relied on
as a statement that this is the price at which the item
will sell or its value for any other purpose.
(e) Fitness for Purpose
Lots sold are enormously varied in terms of age,
category and condition, and may be purchased for
a variety of purposes. Unless otherwise specifically
agreed, no promise is made that a lot is fit for any
particular purpose.

3. AT THE SALE
(a) Refusal of admission
Christie’s has the right, at our complete discretion,
to refuse admission to the premises or participation
in any auction and to reject any bid.
(b) Registration before bidding
Prospective buyers who wish to bid in the saleroom
can register online in advance of the sale, or can
come to the saleroom on the day of the sale
approximately 30 minutes before the start of the
sale to register in person. Prospective buyers must
complete and sign a registration form with his
or her name and permanent address, and provide
identification before bidding. We may require the
production of bank details from which payment will
be made or other financial references.
(c) Bidding as principal
When making a bid, a bidder is accepting personal
liability to pay the purchase price, including the
buyer’s premium and all applicable taxes, plus
all other applicable charges, unless it has been
explicitly agreed in writing with Christie’s before
the commencement of the sale that the bidder is
acting as agent on behalf of an identified third party
acceptable to Christie’s, and that Christie’s will only
look to the principal for payment.
(d) Absentee bids
We will use reasonable efforts to carry out written
bids delivered to us prior to the sale for the
convenience of clients who are not present at the
auction in person, by an agent or by telephone. Bids
must be placed in the currency of the place of the
sale. Please refer to the catalogue for the Absentee
Bids Form. If we receive written bids on a particular
lot for identical amounts, and at the auction these
are the highest bids on the lot, it will be sold to
the person whose written bid was received and
accepted first. Execution of written bids is a free
service undertaken subject to other commitments
at the time of the sale and provided that we have
exercised reasonable care in the handling of written
bids, the volume of goods is such that we cannot
accept liability in any individual instance for failing
to execute a written bid or for errors and omissions
in connection with it arising from circumstances
beyond our reasonable control.
(e) Telephone bids
If a prospective buyer makes arrangements with us
prior to the commencement of the sale we will use
reasonable efforts to contact them to enable them to
participate in the bidding by telephone but we do
not accept liability for failure to do so or for errors
and omissions in connection with telephone bidding
arising from circumstances beyond our reasonable
control.
(f) Currency converter
At some auctions a currency converter may be
operated. Errors may occur in the operation of
the currency converter. Where these arise from
circumstances beyond our reasonable control we
do not accept liability to bidders who follow the
currency converter rather than the actual bidding in
the saleroom.
(g) Video or digital images
At some auctions there may be a video or digital
screen. Errors may occur in its operation and in the
quality of the image. We do not accept liability for
such errors where they arise for reasons beyond our
reasonable control.
(h) Reserves
Unless otherwise indicated, all lots are offered
subject to a reserve, which is the confidential
minimum price below which the lot will not be
sold. The reserve will not exceed the low estimate
printed in the catalogue. If any lots are not subject
to a reserve, they will be identified with the symbol
• next to the lot number. The auctioneer may open
the bidding on any lot below the reserve by placing
a bid on behalf of the seller. The auctioneer may
continue to bid on behalf of the seller up to the
amount of the reserve, either by placing consecutive
bids or by placing bids in response to other bidders.
(i) Auctioneer’s discretion
The auctioneer has the right to exercise reasonable
discretion in refusing any bid, advancing the bidding
in such a manner as he may decide, withdrawing or
dividing any lot, combining any two or more lots
and, in the case of error or dispute, and whether
during or after the sale, determining the successful
bidder, continuing the bidding, cancelling the sale
or reoffering and reselling the item in dispute. If
any dispute arises after the sale, then, in the absence
of any evidence to the contrary the sale record
maintained by the auctioneer will be conclusive.
(j) Successful bid and passing of risk
Subject to the auctioneer’s reasonable discretion, the
highest bidder accepted by the auctioneer will be
the buyer and the striking of his hammer marks the
acceptance of the highest bid and the conclusion of
a contract for sale between the seller and the buyer.
Risk and responsibility for the lot (including frames
or glass where relevant) passes to the buyer at the
expiration of seven calendar days from the date of
the sale or on collection by the buyer if earlier.

4. AFTER THE SALE
(a) Buyer’s premium
In addition to the hammer price, the buyer
agrees to pay to us the buyer’s premium together
with any applicable value added tax. The buyer’s
premium is 25% of the final bid price of each lot
up to and including £50,000, 20% of the excess of
the hammer price above £50,000 and up to and
including £1,000,000 and 12% of the excess of the
hammer price above £1,000,000. Exceptions: Wine
and Cigars: 17.5% of the final bid price of each lot,
VAT is payable at the applicable rate.
(b) Artist’s Resale Right (“Droit de Suite”)
If the Artist’s Resale Right Regulations 2006 apply to
the lot the buyer also agrees to pay to us an amount
equal to the resale royalty provided for in those
Regulations. Lots affected are identified with the
symbol λ next to the lot number.
(c) Payment and ownership
The buyer must pay the full amount due
(comprising the hammer price, buyer’s premium and
any applicable taxes or resale royalty) immediately
after the sale. This applies even if the buyer wishes
to export the lot and an export licence is, or may
be, required. The buyer will not acquire title to the
lot until all amounts due to us from the buyer have
been received by us in good cleared funds even in
circumstances where we have released the lot to the
buyer.
(d) Collection of purchases
We shall be entitled to retain items sold until all
amounts due to us, or to Christie’s International
plc, or to any of its affiliates, subsidiaries or parent
companies worldwide, have been received in full in
good cleared funds or until the buyer has performed
any other outstanding obligations as we, in our sole
discretion, shall require, including, for the avoidance
of doubt, completing any anti-money laundering or
anti-terrorism financing checks we may require to our
satisfaction. In the event a buyer fails to complete any
anti-money laundering or anti-terrorism financing
checks to our satisfaction, Christie’s shall be entitled to
cancel the sale and to take any other actions that are
required or permitted under applicable law. Subject
to this, the buyer shall collect purchased lots within
two calendar days from the date of the sale unless
otherwise agreed between us and the buyer.
(e) Packing, handling and shipping
Although we shall use reasonable efforts to take care
when handling, packing and shipping a purchased
lot and in selecting third parties for these purposes,
we are not responsible for the acts or omissions of
any such third parties. Similarly, where we suggest
other handlers, packers or carriers if so requested,
our suggestions are made on the basis of our general
experience of such parties in the past and we are not
responsible to any person to whom we have made a
recommendation for the acts or omissions of the third
party concerned.
(f) Export licence
Unless otherwise agreed by us in writing, the fact
that the buyer wishes to apply for an export licence
does not affect his or her obligation to make payment
immediately after the sale nor our right to charge
interest or storage charges on late payment. If the
buyer requests us to apply for an export licence on his
or her behalf, we shall be entitled to make a charge for
this service. We shall not be obliged to rescind a sale
nor to refund any interest or other expenses incurred
by the buyer where payment is made by the buyer in
circumstances where an export licence is required.
(g) Remedies for non payment
If the buyer fails to make payment in full in good
cleared funds within 7 days after the sale, we shall
have the right to exercise a number of legal rights and
remedies. These include, but are not limited to, the
following:
(i) to charge interest at an annual rate equal to 5%
above the base rate of Lloyds TSB Bank Plc;
(ii) to hold the defaulting buyer liable for the total
amount due and to commence legal proceedings
for its recovery together with interest, legal fees
and costs to the fullest extent permitted under
applicable law;
(iii) to cancel the sale;
(iv) to resell the property publicly or privately on
such terms as we shall think fit;
(v) to pay the seller an amount up to the net
proceeds payable in respect of the amount bid by
the defaulting buyer;
(vi) to set off against any amounts which we, or
Christie’s International plc, or any of its affiliates,
subsidiaries or parent companies worldwide,
may owe the buyer in any other transactions, the
outstanding amount remaining unpaid by the
buyer;
(vii) where several amounts are owed by the buyer to
us, or to Christie’s International plc, or to any
of its affiliates, subsidiaries or parent companies
worldwide, in respect of different transactions, to
apply any amount paid to discharge any amount
owed in respect of any particular transaction,
whether or not the buyer so directs;
(viii) to reject at any future auction any bids made by
or on behalf of the buyer or to obtain a deposit
from the buyer before accepting any bids;
(ix) to exercise all the rights and remedies of a
person holding security over any property in
our possession owned by the buyer, whether by
way of pledge, security interest or in any other
way, to the fullest extent permitted by the law
of the place where such property is located.
The buyer will be deemed to have granted
such security to us and we may retain such
property as collateral security for such buyer’s
obligations to us;
(x) to take such other action as we deem necessary
or appropriate.
If we resell the property under paragraph (iv) above,
the defaulting buyer shall be liable for payment of
any deficiency between the total amount originally
due to us and the price obtained upon resale as well
as for all reasonable costs, expenses, damages, legal
fees and commissions and premiums of whatever
kind associated with both sales or otherwise arising
from the default. If we pay any amount to the seller
under paragraph (v) above, the buyer acknowledges
that Christie’s shall have all of the rights of the
seller, however arising, to pursue the buyer for such
amount.
(h) Failure to collect purchases
Where purchases are not collected within two
calendar days from the date of the sale, whether or
not payment has been made, we shall be permitted
to remove the property to a third party warehouse at
the buyer’s expense, and only release the items after
payment in full has been made of removal, storage,
handling, and any other costs reasonably incurred,
together with payment of all other amounts due
to us.
(i) Selling Property at Christie’s
In addition to expenses such as transport, all
consignors pay a commission according to a fixed
scale of charges based upon the value of the property
sold by the consignor at Christie’s in a calendar year.
Commissions are charged on a sale by sale basis.

5. LIMITED WARRANTY
In addition to Christie’s liability to buyers set out
in clause 2 of these Conditions, but subject to the
terms and conditions of this paragraph, Christie’s
warrants for a period of five years from the date
of the sale that any property described in headings
printed in UPPER CASE TYPE (i.e. headings
having all capital-letter type) in this catalogue (as
such description may be amended by any saleroom
notice or announcement) which is stated without
qualification to be the work of a named author
or authorship, is authentic and not a forgery.
The term “author” or “authorship” refers to the
creator of the property or to the period, culture,
source or origin, as the case may be, with which
the creation of such property is identified in the
UPPER CASE description of the property in this
catalogue. Only UPPER CASE TYPE headings
of lots in this catalogue indicate what is being
warranted by Christie’s. Christie’s warranty does
not apply to supplemental material which appears
below the UPPER CASE TYPE headings of each
lot and Christie’s is not responsible for any errors or
omissions in such material. The terms used in the
headings are further explained in Important Notices
and Explanation of Cataloguing Practice. The
warranty does not apply to any heading which is
stated to represent a qualified opinion. The warranty
is subject to the following:
(i) It does not apply where (a) the catalogue
description or saleroom notice corresponded
to the generally accepted opinion of scholars
or experts at the date of the sale or fairly
indicated that there was a conflict of opinions;
or (b) correct identification of a lot can be
demonstrated only by means of either a
scientific process not generally accepted for
use until after publication of the catalogue or
a process which at the date of publication of
the catalogue was unreasonably expensive or
impractical or likely to have caused damage to
the property.
(ii) The benefits of the warranty are not assignable
and shall apply only to the original buyer of the
lot as shown on the invoice originally issued by
Christie’s when the lot was sold at auction.
(iii) The original buyer must have remained the
owner of the lot without disposing of any
interest in it to any third party.
(iv) The buyer’s sole and exclusive remedy against
Christie’s and the seller, in place of any other
remedy which might be available, is the
cancellation of the sale and the refund of the
original purchase price paid for the lot. Neither
Christie’s nor the seller will be liable for any
special, incidental or consequential damages
including, without limitation, loss of profits
nor for interest.
(v) The buyer must give written notice of claim
to us within five years from the date of the
auction. It is Christie’s general policy, and
Christie’s shall have the right, to require the
buyer to obtain the written opinions of two
recognised experts in the field, mutually
acceptable to Christie’s and the buyer, before
Christie’s decides whether or not to cancel the
sale under the warranty.
(vi) The buyer must return the lot to the Christie’s
saleroom at which it was purchased in the same
condition as at the time of the sale.

6. COPYRIGHT
The copyright in all images, illustrations and written
material produced by or for Christie’s relating to a
lot including the contents of this catalogue, is and
shall remain at all times the property of Christie’s
and shall not be used by the buyer, nor by anyone
else, without our prior written consent. Christie’s
and the seller make no representation or warranty
that the buyer of a property will acquire any
copyright or other reproduction rights in it.

7. SEVERABILITY
If any part of these Conditions of Sale is found by
any court to be invalid, illegal or unenforceable,
that part shall be discounted and the rest of the
conditions shall continue to be valid to the fullest
extent permitted by law.

8. LAW AND JURISDICTION
The rights and obligations of the parties with respect
to these Conditions of Sale, the conduct of the
auction and any matters connected with any of the
foregoing shall be governed and interpreted by the
laws of England. By bidding at auction, whether
present in person or by agent, by written bid,
telephone or other means, the buyer shall be deemed
to have submitted, for the benefit of Christie’s, to
the exclusive jurisdiction of the courts of the United
Kingdom.