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CONDITIONS OF SALE These Conditions of Sale and the Important Notices and Explanation of Cataloguing Practice set out the terms on which we offer the lots listed in this catalogue for sale. By registering to bid and/or by bidding at auction you agree to these terms, so you should read them carefully before doing so. You will find a glossary at the end explaining the meaning of the words and expressions coloured in bold. As well as these Conditions of Sale, lots in which we offer Non-Fungible Tokens are governed by the Additional Conditions of Sale – Non-Fungible Tokens, which are available in Appendix A herein. For the sale of NonFungible Tokens, to the extent there is a conflict between the “New York Conditions of Sale Buying at Christie's” and “Additional Conditions of Sale – Non-Fungible Tokens”, the latter controls. Unless we own a lot in whole or in part (Δ symbol), Christie’s acts as agent for the seller. A ? BEFORE THE SALE 1 ? DESCRIPTION OF LOTS (a) Certain words used in the catalogue description have special meanings. You can find details of these on the page headed “Important Notices and Explanation of Cataloguing Practice” which forms part of these terms. You can find a key to the Symbols found next to certain catalogue entries under the section of the catalogue called “Symbols Used in this Catalogue”. (b) Our description of any lotin the catalogue, any condition report and any other statement made by us (whether orally or in writing) about any lot, including about its nature or condition, artist, period, materials, approximate dimensions, or provenance are our opinion and not to be relied upon as a statement of fact. We do not carry out in-depth research of the sort carried out by professional historians and scholars. All dimensions and weights are approximate only. 2 ? OUR RESPONSIBILITY FOR OUR DESCRIPTION OF LOTS We do not provide any guarantee in relation to the nature of a lot apart from our authenticity warranty contained in paragraph E2 and to the extent provided in paragraph I below. 3 ? CONDITION (a) The condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear and tear. Their nature means that they will rarely be in perfect condition. Lots are sold “as is,” in the condition they are in at the time of the sale, without any representation or warranty or assumption of liability of any kind as to condition by Christie’s or by the seller. (b) Any reference to condition in a catalogue entry or in a condition report will not amount to a full description of condition, and images may not show a lot clearly. Colours and shades may look different in print or on screen to how they look on physical inspection. Conditionreports may be available to help you evaluate the condition of a lot. Condition reports are provided free of charge as a convenience to our buyers and are for guidance only. They offer our opinion but they may not refer to all faults, inherent defects, restoration, alteration or adaptation because our staff are not professional restorers or conservators. For that reason condition reports are not an alternative to examining a lot in person or seeking your own professional advice. It is your responsibility to ensure that you have requested, received and considered any condition report. 4 ? VIEWING LOTS PRE-AUCTION (a) If you are planning to bid on a lot, you should inspect it personally or through a knowledgeable representative before you make a bid to make sure that you accept the description and its condition. We recommend you get your own advice from a restorer or other professional adviser. (b) Pre-auction viewings are open to the public free of charge. Our specialists may be available to answer questions at pre-auction viewings or by appointment. 5 ? ESTIMATES Estimates are based on the condition, rarity, quality and provenance of the lots and on prices recently paid at auction for similar property. Estimates can change. Neither you, nor anyone else, may rely on any estimatesas a prediction or guarantee of the actual selling price of a lot or its value for any other purpose. Estimatesdo not include the buyer’s premiumor any applicable taxes. 6 ? WITHDRAWAL Christie’s may, at its option, withdraw any lotfrom auction at any time prior to or during the sale of the lot. Christie’s has no liability to you for any decision to withdraw. 7 ? JEWELLERY (a) Coloured gemstones (such as rubies, sapphires and emeralds) may have been treated to improve their look, through methods such as heating and oiling. These methods are accepted by the international jewellery trade but may make the gemstone less strong and/or require special care over time. (b) All types of gemstones may have been improved by some method. You may request a gemmological report for any item which does not have a report if the request is made to us at least three weeks before the date of the auction and you pay the fee for the report. (c) We do not obtain a gemmological report for every gemstone sold in our auctions. Where we do get gemmological reports from internationally accepted gemmological laboratories, such reports will be described in the catalogue. Reports from American gemmological laboratories will describe any improvement or treatment to the gemstone. Reports from European gemmological laboratories will describe any improvement or treatment only if we request that they do so, but will confirm when no improvement or treatment has been made. Because of differences in approach and technology, laboratories may not agree whether a particular gemstone has been treated, the amount of treatment, or whether treatment is permanent. The gemmological laboratories will only report on the improvements or treatments known to the laboratories at the date of the report. (d) For jewellery sales, estimates are based on the information in any gemmological report. If no report is available, assume that the gemstones may have been treated or enhanced. 8 ? WATCHES CLOCKS (a) Almost all clocks and watches are repaired in their lifetime and may include parts which are not original. We do not give a warranty that any individual component part of any watch is authentic. Watchbands described as “associated” are not part of the original watch and may not be authentic. Clocks may be sold without pendulums, weights or keys. (b) As collectors’ watches often have very fine and complex mechanisms, you are responsible for any general service, change of battery, or further repair work that may be necessary. We do not give a warranty that any watch is in good working order. Certificates are not available unless described in the catalogue. (c) Most wristwatches have been opened to find out the type and quality of movement. For that reason, wristwatches with water resistant cases may not be waterproof and we recommend you have them checked by a competent watchmaker before use. Important information about the sale, transport and shipping of watches and watchbands can be found in paragraph H2(f). B ? REGISTERING TO BID 1 ? NEW BIDDERS (a) If this is your first time bidding at Christie’s or you are a returning bidder who has not bought anything from any of our salerooms within the last two years you must register at least 48 hours before an auction begins to give us enough time to process and approve your registration. We may, at our option, decline to permit you to register as a bidder. You will be asked for the following: (i) for individuals: Photo identification (driver’s licence, national identity card, or passport) and, if not shown on the ID document, proof of your current address (for example, a current utility bill or bank statement); (ii) for corporate clients: Your Certificate of Incorporation or equivalent document(s) showing your name and registered address together with documentary proof of directors and beneficial owners; and (iii)for trusts, partnerships, offshore companies and other business structures, please contact us in advance to discuss our requirements. (b) We may also ask you to give us a financial reference and/or a deposit as a condition of allowing you to bid. For help, please contact our Client Services Department at +1 212-636-2000. 2 ? RETURNING BIDDERS As described in paragraph B(1) above, we may at our option ask you for current identification, a financial reference, or a deposit as a condition of allowing you to bid. If you have not bought anything from any of our salerooms within the last two years or if you want to spend more than on previous occasions, please contact our Client Services Department at +1 212-636-2000. 3 ? IF YOU FAIL TO PROVIDE THE RIGHT DOCUMENTS If in our opinion you do not satisfy our bidder identification and registration procedures including, but not limited to completing any anti-money laundering and/or anti-terrorism financing checks we may require to our satisfaction, we may refuse to register you to bid, and if you make a successful bid, we may cancel the contract for sale between you and the seller. 4 ? BIDDING ON BEHALF OFANOTHER PERSON If you are bidding on behalf of another person, that person will need to complete the registration requirements above before you can bid, and supply a signed letter authorising you to bid for him/her. A bidder accepts personal liability to pay the purchase price and all other sums due unless it has been agreed in writing with Christie’s, before commencement of the auction, that the bidder is acting as an agent on behalf of a named third party acceptable to Christie’s and that Christie’s will only seek payment from the named third party. 5 ? BIDDING IN PERSON If you wish to bid in the saleroom you must register for a numbered bidding paddle at least 30 minutes before the auction. You may register online at www.christies.com or in person. For help, please contact the Client Service Department on +1 212-636-2000. 6 ? BIDDING SERVICES The bidding services described below are a free service offered as a convenience to our clients and Christie’s is not responsible for any error (human or otherwise), omission, or breakdown in providing these services. (a) Phone Bids Your request for this service must be made no later than 24 hours prior to the auction. We will accept bids by telephone for lots only if our staff are available to take the bids. If you need to bid in a language other than in English, you must arrange this well before the auction. We may record telephone bids. By bidding on the telephone, you are agreeing to us recording your conversations. You also agree that your telephone bids are governed by these Conditions of Sale. (b) Internet Bids on Christie’s LIVE? For certain auctions we will accept bids over the Internet. For more information, please visit https://www.christies.com/buying-services/buying-guide/register-and-bid/.As well as these Conditions of Sale, internet bids are governed by the Christie’s LIVE? Terms of Use which are available at https://www.christies.com/LiveBidding/OnlineTermsOfUse.aspx. (c) Written Bids You can find a Written Bid Form at any Christie’s office, or by choosing the sale and viewing the lots online at www.christies.com. We must receive your completed Written Bid at least 24 hours before the auction. Bids must be placed in the currency of the saleroom. The auctioneer will take reasonable steps to carry out written bids at the lowest possible price, taking into account the reserve. If you make a written bid on a lot which does not have a reserve and there is no higher bid than yours, we will bid on your behalf at around 50% of the low estimateor, if lower, the amount of your bid. If we receive written bids on a lotfor identical amounts, and at the auction these are the highest bids on the lot, we will sell the lotto the bidder whose written bid we received first. C ? CONDUCTING THE SALE 1 ? WHO CAN ENTER THE AUCTION We may, at our option, refuse admission to our premises or decline to permit participation in any auction or to reject any bid. 2 ? RESERVES Unless otherwise indicated, all lots are subject to a reserve. We identify lots that are offered without reserve with the symbol ? next to the lot number. The reserve cannot be more than the lot’s low estimate. 3 ? AUCTIONEER’S DISCRETION The auctioneer can at his or her sole option: (a) refuse any bid; (b) move the bidding backwards or forwards in any way he or she may decide, or change the order of the lots; (c) withdraw any lot; (d) divide any lot or combine any two or more lots; (e) reopen or continue the bidding even after the hammer has fallen; and (f) in the case of error or dispute related to bidding and whether during or after the auction, continue the bidding, determine the successful bidder, cancel the sale of the lot, or reoffer and resell any lot. If you believe that the auctioneer has accepted the successful bid in error, you must provide a written notice detailing your claim within 3 business days of the date of the auction. The auctioneerwill consider such claim in good faith. If the auctioneer, in the exercise of his or her discretion under this paragraph, decides after the auction is complete, to cancel the sale of a lot, or reoffer and resell a lot, he or she will notify the successful bidder no later than by the end of the 7th calendar day following the date of the auction. The auctioneer’sdecision in exercise of this discretion is final. This paragraph does not in any way prejudice Christie’s ability to cancel the sale of a lot under any other applicable provision of these Conditions of Sale, including the rights of cancellation set forth in sections B(3), E(2)(i), F(4), and J(1). 4 ? BIDDING The auctioneer accepts bids from: (a) bidders in the saleroom; (b) telephone bidders; (c) internet bidders through Christie’s LIVE? (as shown above in paragraph B6); and (d) written bids (also known as absentee bids or commission bids) left with us by a bidder before the auction. 5 ? BIDDING ON BEHALF OF THE SELLER The auctioneer may, at his or her sole option, bid on behalf of the seller up to but not including the amount of the reserve either by making consecutive bids or by making bids in response to other bidders. The auctioneer will not identify these as bids made on behalf of the seller and will not make any bid on behalf of the seller at or above the reserve. If lots are offered without reserve, the auctioneer will generally decide to open the bidding at 50% of the low estimate for the lot. If no bid is made at that level, the auctioneer may decide to go backwards at his or her sole option until a bid is made, and then continue up from that amount. In the event that there are no bids on a lot, the auctioneer may deem such lot unsold. 6 ? BID INCREMENTS Bidding generally starts below the low estimate and increases in steps (bid increments). The auctioneer will decide at his or her sole option where the bidding should start and the bid increments. 7 ? CURRENCY CONVERTER The saleroom video screens (and Christies LIVE?) may show bids in some other major currencies as well as US dollars. Any conversion is for guidance only and we cannot be bound by any rate of exchange used. Christie’s is not responsible for any error (human or otherwise), omission or breakdown in providing these services. 8 ? SUCCESSFUL BIDS Unless the auctioneer decides to use his or her discretion as set out in paragraph C3 above, when the auctioneer’s hammer strikes, we have accepted the last bid. This means a contract for sale has been formed between the seller and the successful bidder. We will issue an invoice only to the registered bidder who made the successful bid. While we send out invoices by mail and/or email after the auction, we do not accept responsibility for telling you whether or not your bid was successful. If you have bid by written bid, you should contact us by telephone or in person as soon as possible after the auction to get details of the outcome of your bid to avoid having to pay unnecessary storage charges. 9 ? LOCAL BIDDING LAWS You agree that when bidding in any of our sales that you will strictly comply with all local laws and regulations in force at the time of the sale for the relevant sale site. D ? THE BUYER’S PREMIUM AND TAXES 1 ? THE BUYER’S PREMIUM In addition to the hammer price, the successful bidder agrees to pay us a buyer’s premiumon the hammer priceof each lot sold. On all lots we charge 25% of the hammer price up to and including US$600,000, 20% on that part of the hammer price over US$600,000 and up to and including US$6,000,000, and 14.5% of that part of the hammer priceabove US$6,000,000. 2 ? TAXES The successful bidder is responsible for any applicable taxes including any sales or use tax or equivalent tax wherever such taxes may arise on the hammer price, the buyer’s premium, and/or any other charges related to the lot. For lots Christie’s ships to or within the United States, a sales or use tax may be due on the hammer price, buyer’s premium, and/or any other charges related to the lot, regardless of the nationality or citizenship of the successful bidder. Christie’s will collect sales tax where legally required. The applicable sales tax rate will be determined based upon the state, county, or locale to which the lot will be shipped. Christie’s shall collect New York sales tax at a rate of 8.875% for any lot collected from Christie’s in New York. In accordance with New York law, if Christie’s arranges the shipment of a lot out of New York State, New York sales tax does not apply, although sales tax or other applicable taxes for other states may apply. If you hire a shipper (other than a common carrier authorized by Christie’s), to collect the lotfrom a Christie’s New York location, Christie’s must collect New York sales tax on the lot at a rate of 8.875% regardless of the ultimate destination of the lot. If Christie’s delivers the lotto, or the lotis collected by, any framer, restorer or other similar service provider inNew York that you have hired, New York law considers the lot delivered to the successful bidder in New York and New York sales tax must be imposed regardless of the ultimate destination of the lot. In this circumstance, New York sales tax will apply to the lot even if Christie’s or a common carrier (authorized by Christie’s that you hire) subsequently delivers the lot outside New York. Successful bidders claiming an exemption from sales tax must provide appropriate documentation to Christie’s prior to the release of the lot or within 90 days after the sale, whichever is earlier. For shipments to those states for which Christie’s is not required to collect sales tax, a successful bidder may have a use or similar tax obligation. It is the successful bidder’s responsibility to pay all taxes due. Christie’s recommends you consult your own independent tax advisor with any questions. E ? WARRANTIES 1 ? SELLER’S WARRANTIES For each lot, the seller gives a warranty that the seller: (a) is the owner of the lot or a joint owner of the lot acting with the permission of the other co-owners or, if the seller is not the owner or a joint owner of the lot, has the permission of the owner to sell the lot, or the right to do so in law; and (b) has the right to transfer ownership of the lot to the buyer without any restrictions or claims by anyone else. (c) If either of the above warranties are incorrect, the seller shall not have to pay more than the purchase price(as defined in paragraph F1(a) below) paid by you to us. The seller will not be responsible to you for any reason for loss of profits or business, expected savings, loss of opportunity or interest, costs, damages, other damages or expenses. The seller gives no warranty in relation to any lot other than as set out above and, as far as the seller is allowed by law, all warranties from the seller to you, and all other obligations upon the seller which may be added to this agreement by law, are excluded. 2 ? OUR AUTHENTICITY WARRANTY We warrant, subject to the terms below, that the lots in our sales are authentic (our “authenticity warranty”). If, within 5 years of the date of the auction, you give notice to us that your lotis not authentic, subject to the terms below, we will refund the purchase price paid by you. The meaning of authentic can be found in the glossary at the end of these Conditions of Sale. The terms of the authenticity warrantyare as follows: (a) It will be honored for claims notified within a period of 5 years from the date of the auction. After such time, we will not be obligated to honor the authenticity warranty. (b) It is given only for information shown in UPPERCASE type in the first line of the catalogue description (the “Heading”). It does not apply to any information other than in the Heading even if shown in UPPERCASE type. (c) The authenticity warrantydoes not apply to any Heading or part of a Heading which is qualified. Qualified means limited by a clarification in a lot’s catalogue description or by the use in a Heading of one of the terms listed in the section titled Qualified Headings on the page of the catalogue headed “Important Notices and Explanation of Cataloguing Practice”. For example, use of the term “ATTRIBUTED TO…” in a Headingmeans that the lotis in Christie’s opinion probably a work by the named artist but no warranty is provided that the lotis the work of the named artist. Please read the full list of QualifiedHeadings and a lot’s full catalogue descriptionbefore bidding. (d) The authenticity warrantyapplies to the Heading as amended by any Saleroom notice. (e) The authenticity warrantydoes not apply where scholarship has developed since the auction leading to a change in generally accepted opinion. Further, it does not apply if the Heading either matched the generally accepted opinion of experts at the date of the auction or drew attention to any conflict of opinion. (f) The authenticity warrantydoes not apply if the lot can only be shown not to be authentic by a scientific process which, on the date we published the catalogue, was not available or generally accepted for use, or which was unreasonably expensive or impractical, or which was likely to have damaged the lot. (g) The benefit of the authenticity warranty is only available to the original buyer shown on the invoice for the lot issued at the time of the sale and only if on the date of the notice of claim, the original buyer is the full owner of the lot and the lot is free from any claim, interest or restriction by anyone else. The benefit of this authenticity warranty may not be transferred to anyone else. (h) In order to claim under the authenticity warranty you must: (i) give us written notice of your claim within 5 years of the date of the auction. We may require full details and supporting evidence of any such claim; (ii) at Christie’s option, we may require you to provide the written opinions of two recognised experts in the field of the lot mutually agreed by you and us in advance confirming that the lotis not authentic. If we have any doubts, we reservethe right to obtain additional opinions at our expense; and (iii) return the lot at your expense to the saleroom from which you bought it in the condition it was in at the time of sale. (i) Your only right under this authenticity warranty is to cancel the sale and receive a refund of the purchase pricepaid by you to us. We will not, under any circumstances, be required to pay you more than the purchase pricenor will we be liable for any loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages, other damagesor expenses. (j) Books. Where the lot is a book, we give an additional warranty for 21 days from the date of the auction that any lotis defective in text or illustration, we will refund your purchase price, subject to the following terms: (a) This additional warranty does not apply to: (i) the absence of blanks, half titles, tissue guards or advertisements, damage in respect of bindings, stains, spotting, marginal tears or other defects not affecting completeness of the text or illustration; (ii) drawings, autographs, letters or manuscripts, signed photographs, music, atlases, maps or periodicals; (iii) books not identified by title; (iv) lots sold without a printed estimate; (v) books which are described in the catalogue as sold not subject to return; or (vi) defects stated in any condition report or announced at the time of sale. (b) To make a claim under this paragraph you must give written details of the defect and return the lotto the sale room at which you bought it in the same condition as at the time of sale, within 21 days of the date of the sale. (k)South East Asian Modern and Contemporary Art and Chinese Calligraphy and Painting. In these categories, the authenticity warranty does not apply because current scholarship does not permit the making of definitive statements. Christie’s does, however, agree to cancel a sale in either of these two categories of art where it has been proven the lotis a forgery. Christie’s will refund to the original buyer the purchase price in accordance with the terms of Christie’s Authenticity warranty, provided that the original buyer notifies us with full supporting evidence documenting the forgery claim within twelve (12) months of the date of the auction. Such evidence must be satisfactory to us that the property is a forgery in accordance with paragraph E2(h)(ii) above and the property must be returned to us in accordance with E2h(iii) above. Paragraphs E2(b), (c), (d), (e), (f) and (g) and (i) also apply to a claim under these categories. (l) Chinese, Japanese and Korean artefacts (excluding Chinese, Japanese and Korean calligraphy, paintings, prints, drawings and jewellery). In these categories, paragraph E2 (b) – (e) above shall be amended so that where no maker or artist is identified, the authenticity warranty is given not only for the Headingbut also for information regarding date or period shown in UPPERCASE type in the second line of the catalogue description (the “Subheading”). Accordingly, all references to the Heading in paragraph E2 (b) – (e) above shall be read as references to both the Heading and the Subheading. 3 ? NO IMPLIEDWARRANTIES EXCEPT AS SET FORTH IN PARAGRAPHS E1 AND E2 ABOVE, NEITHER THE SELLER NOR THE CHRISTIE’S GROUP MAKE ANY OTHER WARRANTY, EXPRESS OR IMPLIED, ORAL OR WRITTEN, WITH RESPECT TO THE LOT, INCLUDING THE IMPLIED WARRANTIESOF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, EACH OF WHICH IS SPECIFICALLY DISCLAIMED. 4 ? YOUR WARRANTIES (a) You warrant that the funds used for settlement are not connected with any criminal activity, including tax evasion, and you are neither under investigation, nor have you been charged with or convicted of money laundering, terrorist activities or other crimes. (b) Where you are bidding on behalf of another person, you warrant that: (i) you have conducted appropriate customer due diligence on the ultimate buyer(s) of the lot(s) in accordance with all applicable anti-money laundering and sanctions laws, consent to us relying on this due diligence, and you will retain for a period of not less than 5 years the documentation evidencing the due diligence. You will make such documentation promptly available for immediate inspection by an independent third-party auditor upon our written request to do so; (ii) the arrangements between you and the ultimate buyer(s) in relation to the lot or otherwise do not, in whole or in part, facilitate tax crimes; (iii)you do not know, and have no reason to suspect, that the funds used for settlement are connected with, the proceeds of any criminal activity, including tax evasion, or that the ultimate buyer(s) are under investigation, or have been charged with or convicted of money laundering, terrorist activities or other crimes. F ? PAYMENT 1 ? HOW TO PAY (a) Immediately following the auction, you must pay the purchase price being: (i) the hammer price; and (ii) the buyer’s premium; and (iii)any applicable duties, goods, sales, use, compensating or service tax, or VAT. Payment is due no later than by the end of the 7th calendar day following the date of the auction (the “due date”). (b) We will only accept payment from the registered bidder. Once issued, we cannot change the buyer’s name on an invoice or re-issue the invoice in a different name. You must pay immediately even if you want to export the lot and you need an export licence. (c) You must pay for lots bought at Christie’s in the United States in the currency stated on the invoice in one of the following ways: (i) Wire transfer JP Morgan Chase Bank, N.A., 270 Park Avenue, New York, NY 10017; ABA# 021000021; FBO: Christie’s Inc.; Account # 957-107978, for international transfers, SWIFT: CHASUS33. (ii) Credit Card We accept Visa, MasterCard, American Express and China Union Pay. Credit card payments at the New York premises will only be accepted for New York sales. Christie’s will not accept credit card payments for purchases in any other sale site. (iii) Cash We accept cash payments (including money orders and traveller’s checks) subject to a maximum global aggregate of US$7,500 per buyer. (iv) Bank Checks You must make these payable to Christie’s Inc. and there may be conditions. Once we have deposited your check, property cannot be released until five business days have passed. (v) Checks You must make checks payable to Christie’s Inc. and they must be drawn from US dollar accounts from a US bank. (d) You must quote the sale number, your invoice number and client number when making a payment. All payments sent by post must be sent to: Christie’s Inc. Post-Sale Services, 20 Rockefeller Center, New York, NY 10020. (e) For more information please contact our Post-Sale Services by phone at +1 212 636 2650 or fax at +1 212 636 4939 or email PostSaleUS@christies.com. 2 ? TRANSFERRING OWNERSHIP TO YOU You will not own the lot and ownership of the lot will not pass to you until we have received full and clear payment of the purchase price, even in circumstances where we have released the lotto you. 3 ? TRANSFERRING RISK TO YOU The risk in and responsibility for the lot will transfer to you from whichever is the earlier of the following: (a) When you collect the lot; or (b) At the end of the 30th day following the date of the auction or, if earlier, the date the lotis taken into care by a third party warehouse as set out on the page headed ‘Storage and Collection’, unless we have agreed otherwise with you. 4 ? WHAT HAPPENS IF YOU DO NOT PAY (a) If you fail to pay us the purchase price in full by the due date, we will be entitled to do one or more of the following (as well as enforce our rights under paragraph F5 and any other rights or remedies we have by law): (i) we can charge interest from the due date at a rate of up to 1.34% per month on the unpaid amount due; (ii) we can cancel the sale of the lot. If we do this, we may sell the lot again, publically or privately on such terms we shall think necessary or appropriate, in which case you must pay us any shortfall between the purchase price and the proceeds from the resale. You must also pay all costs, expenses, losses, damages and legal fees we have to pay or may suffer and any shortfall in the seller’s commission on the resale; (iii)we can pay the seller an amount up to the net proceeds payable in respect of the amount bid by your default in which case you acknowledge and understand that Christie’s will have all of the rights of the seller to pursue you for such amounts; (iv) we can hold you legally responsible for the purchase price and may begin legal proceedings to recover it together with other losses, interest, legal fees and costs as far as we are allowed by law; (v) we can take what you owe us from any amounts which we or any company in the Christie’s Group may owe you (including any deposit or other part-payment which you have paid to us); (vi) we can, at our option, reveal your identity and contact details to the seller; (vii) we can 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; (viii)we can exercise all the rights and remedies of a person holding security over any property in our possession owned by you, whether by way of pledge, security interest or in any other way as permitted by the law of the place where such property is located. You will be deemed to have granted such security to us and we may retain such property as collateral security for your obligations to us; and (ix) we can take any other action we see necessary or appropriate. (b) If you owe money to us or to another Christie’s Group company, we can use any amount you do pay, including any deposit or other part-payment you have made to us, or which we owe you, to pay off any amount you owe to us or another Christie’s Group company for any transaction. 5 ? KEEPING YOUR PROPERTY If you owe money to us or to another Christie’s Group company, as well as the rights set out in F4 above, we can use or deal with any of your property we hold or which is held by another Christie’s Group company in any way we are allowed to by law. We will only release your property to you after you pay us or the relevant Christie’s Group company in full for what you owe. However, if we choose, we can also sell your property in any way we think appropriate. We will use the proceeds of the sale against any amounts you owe us and we will pay any amount left from that sale to you. If there is a shortfall, you must pay us any difference between the amount we have received from the sale and the amount you owe us. G ? COLLECTION AND STORAGE (a) You must collect purchased lots within seven days from the auction (but note that lots will not be released to you until you have made full and clear payment of all amounts due to us). (b) Information on collecting lots is set out on the storage and collection page and on an information sheet which you can get from the bidder registration staff or Christie’s Post-Sale Services Department on +1 212 636 2650. (c) If you do not collect any lot within thirty days following the auction we may, at our option (i) charge you storage costs at the rates set out at www.christies.com/storage. (ii) move the lotto another Christie’s location or an affiliate or third party warehouse and charge you transport costs and administration fees for doing so and you will be subject to the third party storage warehouse’s standard terms and to pay for their standard fees and costs. (iii) sell the lotin any commercially reasonable way we think appropriate. (d) The Storage conditions which can be found at www.christies.com/storage will apply. (e) In accordance with New York law, if you have paid for the lotin full but you do not collect the lot within 180 calendar days of payment, we may charge you New York sales tax for the lot. (f) Nothing in this paragraph is intended to limit our rights under paragraph F4. H ? TRANSPORT AND SHIPPING 1 ? SHIPPING We would be happy to assist in making shipping arrangements on request. You must make all transport and shipping arrangements. However, we can arrange to pack, transport, and ship your property if you ask us to and pay the costs of doing so. We recommend that you ask us for an estimate, especially for any large items or items of high value that need professional packing. We may also suggest other handlers, packers, transporters, or experts if you ask us to do so. For more information, please contact Christie’s Post-Sale Services at +1 212 636 2650. See the information set out at https://www.christies.com/buyingservices/buying-guide/ship/ or contact us at PostSaleUS@christies.com. We will take reasonable care when we are handling, packing, transporting, and shipping a. However, if we recommend another company for any of these purposes, we are not responsible for their acts, failure to act, or neglect. 2 ? EXPORT AND IMPORT Any lot sold at auction may be affected by laws on exports from the country in which it is sold and the import restrictions of other countries. Many countries require a declaration of export for property leaving the country and/or an import declaration on entry of property into the country. Local laws may prevent you from importing a lot or may prevent you selling a lotin the country you import it into. (a) You alone are responsible for getting advice about and meeting the requirements of any laws or regulations which apply to exporting or importing any lot prior to bidding. If you are refused a licence or there is a delay in getting one, you must still pay us in full for the lot. We may be able to help you apply for the appropriate licences if you ask us to and pay our fee for doing so. However, we cannot guarantee that you will get one. For more information, please contact Christie’s Post-Sale Services Department at +1 212 636 2650 and PostSaleUS@christies.com. See the information set out at https://www.christies.com/buying-services/buying-guide/ship/ or contact us at PostSaleUS@christies.com. (b) You alone are responsible for any applicable taxes, tariffs or other government-imposed charges relating to the export or import of the lot. If Christie’s exports or imports the lot on your behalf, and if Christie’s pays these applicable taxes, tariffs or other government-imposed charges, you agree to refund that amount to Christie’s. (c) Endangered and protected species Lots made of or including (regardless of the percentage) endangered and other protected species of wildlife are marked with the symbol ~in the catalogue. This material includes, among other things, ivory, tortoiseshell, crocodile skin, rhinoceros horn, whalebone certain species of coral, and Brazilian rosewood. You should check the relevant customs laws and regulations before bidding on any lot containing wildlife material if you plan to import the lotinto another country. Several countries refuse to allow you to import property containing these materials, and some other countries require a licence from the relevant regulatory agencies in the countries of exportation as well as importation. In some cases, the lot can only be shipped with an independent scientific confirmation of species and/or age, and you will need to obtain these at your own cost. (d) Lots containing Ivory or materials resembling ivory If a lot contains elephant ivory, or any other wildlife material that could be confused with elephant ivory (for example, mammoth ivory, walrus ivory, helmeted hornbill ivory) you may be prevented from exporting the lot from the US or shipping it between US States without first confirming its species by way of a rigorous scientific test acceptable to the applicable Fish and Wildlife authorities. You will buy that lot at your own risk and be responsible for any scientific test or other reports required for export from the USA or between US States at your own cost. We will not be obliged to cancel your purchase and refund the purchase price if your lot may not be exported, imported or shipped between US States, or it is seized for any reason by a government authority. It is your responsibility to determine and satisfy the requirements of any applicable laws or regulations relating to interstate shipping, export or import of property containing such protected or regulated material. (e) Lots of Iranian origin Some countries prohibit or restrict the purchase, the export and/or import of Iranian-origin “works of conventional craftsmanship” (works that are not by a recognized artist and/or that have a function, (for example: carpets, bowls, ewers, tiles, ornamental boxes). For example, the USA prohibits the import and export of this type of property without a license issued by the US Department of the Treasury, Office of Foreign Assets Control. Other countries, such as Canada, only permit the import of this property in certain circumstances. As a convenience to buyers, Christie’s indicates under the title of a lotif the lot originates from Iran (Persia). It is your responsibility to ensure you do not bid on or import a lot in contravention of the sanctions or trade embargoes that apply to you. (f) Gold Gold of less than 18ct does not qualify in all countries as ‘gold’ and may be refused import into those countries as ‘gold’. (g) Watches Many of the watches offered for sale in this catalogue are pictured with straps made of endangered or protected animal materials such as alligator or crocodile. These lots are marked with the symbol Ψin the catalogue. These endangered species straps are shown for display purposes only and are not for sale. Christie’s will remove and retain the strap prior to shipment from the sale site. At some sale sites, Christie’s may, at its discretion, make the displayed endangered species strap available to the buyer of the lotfree of charge if collected in person from the sale site within 1 year of the date of the auction. Please check with the department for details on a particular lot. For all symbols and other markings referred to in paragraph H2, please note that lots are marked as a convenience to you, but we do not accept liability for errors or for failing to mark lots. I ? OUR LIABILITY TO YOU (a) We give no warranty in relation to any statement made, or information given, by us or our representatives or employees, about any lot other than as set out in the authenticity warranty and, as far as we are allowed by law, all warranties and other terms which may be added to this agreement by law are excluded. The seller’s warranties contained in paragraph E1 are their own and we do not have any liability to you in relation to those warranties. (b) (i) We are not responsible to you for any reason (whether for breaking this agreement or any other matter relating to your purchase of, or bid for, any lot) other than in the event of fraud or fraudulent misrepresentation by us or other than as expressly set out in these conditions of sale; or (ii) give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature, or historical relevance. Except as required by local law, any warrantyof any kind is excluded by this paragraph. (c) In particular, please be aware that our written and telephone bidding services, Christie’s LIVE?, condition reports, currency converter and saleroom video screens are free services and we are not responsible to you for any error (human or otherwise), omission or breakdown in these services. (d) We have no responsibility to any person other than a buyer in connection with the purchase of any lot. (e) If, in spite of the terms in paragraphs I(a) to (d) or E2(i) above, we are found to be liable to you for any reason, we shall not have to pay more than the purchase pricepaid by you to us. We will not be responsible to you for any reason for loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages, or expenses. J ? OTHER TERMS 1 ? OUR ABILITY TO CANCEL In addition to the other rights of cancellation contained in this agreement, we can cancel a sale of a lotif : (i) any of your warranties in paragraph E3 are not correct; (ii) we reasonably believe that completing the transaction is, or may be, unlawful; or (iii) we reasonably believe that the sale places us or the seller under any liability to anyone else or may damage our reputation. 2 ? RECORDINGS We may videotape and record proceedings at any auction. We will keep any personal information confidential, except to the extent disclosure is required by law. However, we may, through this process, use or share these recordings with another Christie’s Group company and marketing partners to analyse our customers and to help us to tailor our services for buyers. If you do not want to be videotaped, you may make arrangements to make a telephone or written bid or bid on Christie’s LIVE? instead. Unless we agree otherwise in writing, you may not videotape or record proceedings at any auction. 3 ? COPYRIGHT We own the copyright in all images, illustrations and written material produced by or for us relating to a lot(including the contents of our catalogues unless otherwise noted in the catalogue). You cannot use them without our prior written permission. We do not offer any guarantee that you will gain any copyright or other reproduction rights to the lot. 4 ? ENFORCING THIS AGREEMENT If a court finds that any part of this agreement is not valid or is illegal or impossible to enforce, that part of the agreement will be treated as being deleted and the rest of this agreement will not be affected. 5 ? TRANSFERRING YOUR RIGHTS AND RESPONSIBILITIES You may not grant a security over or transfer your rights or responsibilities under these terms on the contract of sale with the buyer unless we have given our written permission. This agreement will be binding on your successors or estate and anyone who takes over your rights and responsibilities . 6 ? TRANSLATIONS If we have provided a translation of this agreement, we will use this original version in deciding any issues or disputes which arise under this agreement. 7 ? PERSONAL INFORMATION We will hold and process your personal information and may pass it to another Christie’s Group company for use as described in, and in line with, our privacy notice at www.christies.com/aboutus/contact/privacy and if you are a resident of California you can see a copy of our California Consumer Privacy Act statement at https://www.christies.com/about-us/contact/ccpa. 8 ? WAIVER No failure or delay to exercise any right or remedy provided under these Conditions of Sale shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy. 9 ? LAW AND DISPUTES This agreement, and any non-contractual obligations arising out of or in connection with this agreement, or any other rights you may have relating to the purchase of a lot will be governed by the laws of New York. Before we or you start any court proceedings (except in the limited circumstances where the dispute, controversy or claim is related to proceedings brought by someone else and this dispute could be joined to those proceedings), we agree we will each try to settle the dispute by mediation submitted to JAMS, or its successor, for mediation in New York. If the Dispute is not settled by mediation within 60 days from the date when mediation is initiated, then the Dispute shall be submitted to JAMS, or its successor, for final and binding arbitration in accordance with its Comprehensive Arbitration Rules and Procedures or, if the Dispute involves a non-U.S. party, the JAMS International Arbitration Rules. The seat of the arbitration shall be New York and the arbitration shall be conducted by one arbitrator, who shall be appointed within 30 days after the initiation of the arbitration. The language used in the arbitral proceedings shall be English. The arbitrator shall order the production of documents only upon a showing that such documents are relevant and material to the outcome of the Dispute. The arbitration shall be confidential, except to the extent necessary to enforce a judgment or where disclosure is required by law. The arbitration award shall be final and binding on all parties involved. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets. This arbitration and any proceedings conducted hereunder shall be governed by Title 9 (Arbitration) of the United States Code and by the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958. 10 REPORTING ON WWW.CHRISTIES.COM Details of all lots sold by us, including catalogue descriptions and prices, may be reported on www.christies.com. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees, or application of buyer’s or seller’s credits. We regret that we cannot agree to requests to remove these details from www.christies.com. K ? GLOSSARY auctioneer:the individual auctioneer and/or Christie’s. authentic: a genuine example, rather than a copy or forgery of: (i) the work of a particular artist, author or manufacturer, if the lotis described in the Heading as the work of that artist, author or manufacturer; (ii) a work created within a particular period or culture, if the lotis described in the Heading as a work created during that period or culture; (iii) a work for a particular origin source if the lotis described in the Heading as being of that origin or source; or (iv) in the case of gems, a work which is made of a particular material, if the lot is described in the Heading as being made of that material. authenticity warranty:the guarantee we give in this agreement that a lot is authentic as set out in paragraph E2 of this agreement. buyer’s premium:the charge the buyer pays us along with the hammer price. catalogue description: the description of a lotin the catalogue for the auction, as amended by any saleroom notice. Christie’s Group: Christie’s International Plc,its subsidiaries and other companies within its corporate group. condition: the physical condition of a lot. due date: has the meaning given to it paragraph F1(a). estimate:the price range included in the catalogue or any saleroom notice within which we believe a lot may sell. Lowestimate means the lower figure in the range and high estimate means the higher figure. The mid estimate is themidpoint between the two. hammer price:the amount of the highest bid the auctioneer accepts for the sale of a lot. Heading:has the meaning given to it in paragraph E2. lot: an item to be offered at auction (or two or more items to be offered at auction as a group). other damages: any special, consequential, incidental or indirect damages of any kind or any damages which fall within the meaning of ‘special’, ‘incidental’ or ‘consequential’ under local law. purchase price:has the meaning given to it in paragraph F1(a). provenance:the ownership history of a lot. qualified:has the meaning given to it in paragraph E2 and Qualified Headingsmeans the paragraph headed Qualified Headingson the page of the catalogue headed ‘Important Notices and Explanation of Cataloguing Practice’. reserve:the confidential amount below which we will not sell a lot. saleroom notice: a written notice posted next to the lot in the saleroom and on www.christies.com, which is also read to prospective telephone bidders and notified to clients who have left commission bids, or an announcement made by the auctioneer either at the beginning of the sale, or before a particular lot is auctioned. subheading: has the meaning given to it in paragraph E2. UPPER CASE type: means having all capital letters. warranty: a statement or representation in which the person making it guarantees that the facts set out in it are correct. SYMBOLS USED IN THIS CATALOGUE The meaning of words coloured in bold in this section can be found at the end of the section of the catalogue headed ‘Conditions of Sale’. ? Christie’s has a direct financial interest in the lot. See Important Notices and Explanation of Cataloguing Practice. ? Owned by Christie’s or another Christie’s Group company in whole or part. See Important Notices and Explanation of Cataloguing Practice. Christie’s has a direct financial interest in the lot and has funded all or part of our interest with the help of someone else. See Important Notices and Explanation of Cataloguing Practice. ¤ Bidding by parties with an interest. Lot offered without reserve which will be sold to the highest bidder regardless of the pre-sale estimate in the catalogue. ~ Lotincorporates material from endangered species which could result in export restrictions. See Section H2(b) of the Conditions of Sale Buying at Christie’s.See Storage and Collection Page. ? Lotincorporates material from endangered species that is not for sale and is shown for display purposes only. See Paragraph H2(g) of the Conditions of Sale. Please note that lots are marked as a convenience to you and we shall not be liable for any errors in, or failure to, mark a lot. IMPORTANT NOTICES AND EXPLANATION OF CATALOGUING PRACTICE IMPORTANT NOTICES ? Property Owned in part or in full by Christie's 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 ? next to its lot number. 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 in the front of the catalogue. ? Minimum Price Guarantees: On occasion, Christie’s has a direct financial interest in the outcome of the sale of certain lots consigned for sale. This will usually be where it has guaranteed to the Seller that whatever the outcome of the auction, the Seller will receive a minimum sale price for the work. This is known as a minimum price guarantee. Where Christie’s holds such financial interest we identify such lots with the symbol ?next to the lot number. Third Party Guarantees/Irrevocable bids Where Christie’s has provided a Minimum Price Guarantee it is at risk of making a loss, which can be significant, if the lot fails to sell. Christie’s sometimes chooses to share that risk with a third party who agrees prior to the auction to place an irrevocable written bid on the lot. If there are no other higher bids, the third party commits to buy the lot at the level of their irrevocable written bid. In doing so, the third party takes on all or part of the risk of the lot not being sold. Lots which are subject to a third party guarantee arrangement are identified in the catalogue with the symbol In most cases, Christie's compensates the third party in exchange for accepting this risk. Where the third party is the successful bidder, the third party’s remuneration is based on a fixed financing fee. If the third party is not the successful bidder, the remuneration may either be based on a fixed fee or an amount calculated against the final hammer price. The third party may continue to bid for the lot above the irrevocable written bid. Where the third party is the successful bidder, Christie’s will reportthe purchase price net of the fixed financing fee. Third party guarantors are required by us to disclose to anyone they are advising their financial interest in any lots they are guaranteeing. However, for the avoidance of any doubt, if you are advised by or bidding through an agent on a lotidentified as being subject to a third party guarantee you should always ask your agent to confirm whether or not he or she has a financial interest in relation to the lot. ¤ Bidding by interested parties When a party with a direct or indirect interest in the lot who may have knowledge of the lot’s reserve or other material information may be bidding on the lot, we will mark the lot with this symbol ¤. This interest can include beneficiaries of an estate that consigned the lot or a joint owner of a lot. Any interested party that successfully bids on a lot must comply with Christie’s Conditions of Sale, including paying the lot’s full Buyer’s premium plus applicable taxes. Post-catalogue notifications In certain instances, after the catalogue has been published, Christie’s may enter into an arrangement or become aware of bidding that would have required a catalogue symbol. In those instances, a pre-sale or pre-lot announcement will be made. Other Arrangements Christie’s may enter into other arrangements not involving bids. These include arrangements where Christie’s has made loans or advanced money to consignors or prospective purchasers or where Christie’s has shared the risk of a guarantee with a partner without the partner being required to place an irrevocable written bid or otherwise participating in the bidding on the lot. Because such arrangements are unrelated to the bidding process they are not marked with a symbol in the catalogue

Wire transfer.