Francis PICABIA (1879-1853).

Purchased lots will become available only after full payment has been made.

The sale will be conducted in Euros. In addition to the hammer price, the buyer

agrees to pay a buyer’s premium along with any applicable value added tax.

The buyer’s premium is 25% + VAT amounting to 30% (all taxes included) for all

bids. Books (25% + VAT amounting to 26,375%) and 1,8% (VAT inc.) DrouotLive.

NB:

+ Auction by order of the court further to a prescription of the court,

buyers fees 14,40% VTA included. Books (12,66% VTA included).

° Lots on which the auction house or its partners have a financial interest

* Lots in temporary importation and subject to a 5,5% fee in addition to the

regular buyer’s fees stated earlier..

# An appointment is required to see the piece

~ This lot contains animal materials. Import restrictions are to be expected

and must be considered.

The legislator imposes strict rules for the commercial use of inert animal species.

The international regulations of March 3, 1973 (CITES) requires for different annexes

a correlation between the specimen and the documentation proving the origins to

be lawful. This regulation transcribed in European Community law (Annexes A/B/C)

in Rule 338/97 of 9/12/1996 permits commercial use of regulated specimens (CITES)

upon presentation of documentation proving lawful origin; these documents for

this variation are as follows:

• For Annex A: C/C provided outlining the specimen’s history (for specimens of

recent date)

• For Annex B: Bird specimens are either banded or equipped with transponders,

and are accompanied by documents of licit origin. The auction’s sale record must

be conserved as it contains the complete history of every specimen.

All cases concerning specimens of recent date that are protected under the French

Environmental Code and which were born and raised in captivity are permitted by

the derogation clause AM of 14/07/2006. As such, they can be used commercially

provided traceability between the specimen and the documentation proving licit

origins. Other specimen cases dating prior to clause AM of 21/07/2015 can, due

to this fact, be used commercially. Specimens dating before 1947 included in this

auction sale benefit from clause 2M of the derogatory Rule 228/97 of 9/12/1996,

permitting their use for trade. However, exporting them outside of the EU them

requires a pre-CITES Convention agreement.

For huntable species of the European continent and elsewhere, commercial use

is allowed under certain conditions. Domesticated species (D) included in this

auction sale are free for trade. Old specimens from before the Convention (i.e.

before 1975) comply with the conditions of the AM of 23/12/2011 and, as such,

are free for trade. The other specimens in this auction sale are not subject to NR

regulations and are free for commercial use and trade. The auction record will

substantiate their licit origin.

To leave the EU, with regards to the Annexes I/A, II/B et III/C, a CITES re-export

document at the expense of the acquirer will be necessary.

GUARANTEES

Drouot Estimations is bound by the indications stated in the catalogue, modified

only by announcements made at the time of the sale noted in the legal records

thereof. Attributions were made according to scientific and artistic knowledge at

the time of the auction.

An exhibition prior to the sale permits buyers to establish the conditions of the

works offered for sale and no claims will be accepted after the hammer has fallen.

Some difference may appear between the original work and its illustration, there

will be no claims in such matter. The dimensions are given only as an indication.

The condition of the works is not specified in the catalogue, buyers are required

to study them personally. No requests will be accepted concerning restorations

once the hammer has fallen.

Any condition report requested from Drouot Estimations and the expert before

the sale is provided as an indication only.

It shall by no means incur their liability may not constitute a basis for legal claim

after the sale. It cannot replace a personal examination of the work by the buyer

or his representative.

BIDS

The highest and final bidder will be the purchaser.

Should the auctioneer recognise two simultaneous bids on one lot, the lot will be

put up for sale again and all those present in the saleroom may participate in this

second opportunity to bid.

Important: Bidding is typically conducted in the auction house. However, we may

graciously accept telephone bids from potential buyers who have made the request.

We bear no responsibility whatsoever in the case of uncompleted calls made too

late and/or technical difficulties with the telephone. We also accept absentee bids

submitted prior to the sale. We reserve the right to accept or deny any requests

for telephone or absentee bidding.

In carrying a bid, bidders assume their personal responsibility to pay the hammer

price as well as all buyer’s fees and taxes chargeable to the buyer. Unless a

written agreement established with Drouot Estimations, prerequisite to the sale,

mentioning that the bidder acts as a representative of a third party approved by

Drouot Estimations, the bidder is deemed to act in his or her own name.

We remind our sellers that bidding on their own items is forbidden.

COLLECTION OF PURCHASES

The lots not claimed on the day of the auction, can be retrieved at Drouot Estimations,

7 rue Drouot, 75009 Paris, by appointment You can contact deaccueil@drouot.com

+ 33 1 48 01 91 00 in order to organize the collection.

Drouot Estimations offers 15 days of storage following the sale. Beyond this delay

buyers are advised that storage costs will be charged €15/ day for lots < €10,000,

and €30/ day for lots > €10,000.

Buyers are advised to collect successful lots as soon as possible to avoid handling

and storage costs which may be incurred at their expense.

The auctioneer is not responsible for the storage of purchased lots. If payment

is made by wire transfer, lots may not be withdrawn until the payment has been

cleared, foreign cheques are not accepted.

From the moment the hammer falls, sold items will become the exclusive

responsability of the buyer. The buyer will be solely responsible for the insurance,

Drouot Estimations assumes no liability for any damage to items which may occur

after the hammer falls.

The purchased lots will be delivred to the buyer in person. Should the buyer

wish to have his/her lot delivered to a third party the person must have a letter of

authorization along with a photocopy of the identity card of the buyer.

Export formalities can take 2 or 3 months to process and are within buyer’s province.

Please contact Drouot Estimations if you need more information concerning this

particular matter.

PAYMENT

We recommend that buyers pay by credit card or electronic bank transfer.

In compliance with Article L.321-14 of French commercial law, a property sold

at auction can be delivered to the buyer only once the auction firm has received

payment or complete guarantee of payment.

Legally accepted means of payment include:

• Cash (article L.112-6, L.112-8 and Article Article L.112-8 paragraph 2 of the Monetary

and Financial Code)

. max. €1,000

. max. €10,000 for private individuals who have their tax domicile abroad (upon

presentation of a valid passport)

• Payment on line (max €1,500)

http://www.drouot-estimations.com/paiement/

• Electronic bank transfer

The exact amount of the invoice from the buyer’s account and indicating the invoice

number. (Note: Bank charges are the buyer’s responsibility.)

Drouot Estimations

BNP PARIBAS

PARIS LA CENTRALE

(00828)

IBAN: FR76 3000 4008 2800 0106 2854 076

• Credit cards (except American Express and distance payment)

• Cheque (if no other means of payment is possible)

. Upon presentation of two pieces of identification

. Important: Delivery is possible after 20 days

. Cheques will be deposited immediately. No delays will be accepted.

. Payment with foreign cheques will not be accepted.

PAYMENT DEFAULT

In the event of late payment on winning bids Drouot Estimations will claim the

legal rate of interest, plus five percent. A minimum fee of €500 will also be due

for any other costs incurred by reason of default, including the following in the

case of resale on false bidding:

- The difference between the price at which the lot was auctioned and the price

obtained at its resale;

- The costs incurred by new auctioning.

LAW AND JURISDICTION

In accordance with the law, it is added that all actions in public liability instituted

on the occasion of valuation and of voluntary and court-ordered auction sales are

barred at the end of five years from the hammer price or valuation. These Conditions

of purchase are governed by French law exclusively. Any dispute relating to their

existence, their validity and their binding effect on any bidder or buyer shall be

submitted to the exclusive jurisdiction of the Courts of France.