Pablo PICASSO (1881–1973) - Lot 12

Public Exhibition - 5 Avenue d'Eylau, 75116

Tuesday, October 20, through Friday, October 23

From 10 a.m. to 6 p.m.

Saturday, October 24

10:00 a.m. to 12:00 p.m.

Public Auction: Saturday, October 24 at 4:00 p.m.

Contact:

Louise Pfister

Phone: +33 (0)7 66 88 88 87 - Email: lpfister@pba-auctions.com

Phone: +33 (0)1 49 49 90 00 - Email: contact@pba-auctions.com

Julie CECCALDI

Auctioneer

E. jceccaldi@pba-auctions.com

These General Conditions of Sale shall apply, insofar as the relevant provisions concern them, to any person bidding or wishing to bid, whether directly or through an intermediary, at the voluntary public auction of movable property governed by these General Conditions of Sale, as well as to any person who is the successful bidder.

DEFINITIONS

For the purposes hereof, the following terms shall have the meanings set out below:

· Sale: the voluntary public auction of movable property organised by Pierre Bergé et associés and governed by these General Conditions of Sale;

· Catalogue: the list of Lots offered for sale at the Sale and the information relating thereto, in any medium published by Pierre Bergé et associés;

· Lot: an item or group of items offered for sale under a single number in the Catalogue;

· Auctioneer: the person appointed by Pierre Bergé et associés to accept bids during the Sale and knock down the Lots;

· Seller: the person who has instructed Pierre Bergé et associés to sell his, her or its property as part of the Sale;

· Reserve Price: the price agreed between the Seller and Pierre Bergé et associés below which the Lot may not be sold;

· Absentee Bid: authority given to Pierre Bergé et associés by any interested person to bid on his, her or its behalf on a specified Lot up to a specified amount;

· Irrevocable Bid: a firm, final, irrevocable and unconditional offer to purchase a Lot made by any interested person, together with instructions to Pierre Bergé et associés to bid progressively on that person’s behalf up to the amount of such offer, provided that the Lot may not be knocked down to that person at a price lower than such amount, and subject to specific financial terms agreed between the parties;

· Successful Bidder: the person who, directly or through an intermediary, has made the highest bid before the Auctioneer closes the bidding, and who purchases the Lot knocked down;

· Knockdown: the moment at which the contract of sale between the Seller and the Successful Bidder is formed, upon the Auctioneer closing the bidding, provided that the final bid is equal to or higher than any applicable Reserve Price;

· Hammer Price: the amount of the final bid made before the Auctioneer closes the bidding and knocks down the Lot to the final bidder;

· Buyer’s Premium: the fee payable by the Successful Bidder to Pierre Bergé et associés, calculated as a percentage of the Hammer Price, plus applicable VAT;

· Purchase Price: the aggregate of the Hammer Price and the Buyer’s Premium;

· Digital Platforms: any online auction platform that may be authorised by Pierre Bergé et associés to accept bids during the Sale, including “”, “https://drouot.com” and “https://invaluable.com”;

· Telephone Bidding: bids placed in the saleroom through a member of Pierre Bergé et associés staff who is in telephone contact with the bidder;

· Online-Only Bidding: bidding conducted without the bidder being able to attend the Sale in person, where no dedicated saleroom is made available and no public exhibition of the Lots is organised.

INFORMATION AND WARRANTIES

All Lots are sold in the condition in which they are at the time of Knockdown, with any defects and imperfections they may have.

The absence of any specific information concerning the condition of a Lot in its description does not mean that the Lot is free from defects or imperfections.

The information contained in the Catalogue is provided by Pierre Bergé et associés and the independent experts identified in the Catalogue and may be amended by corrections, notices and/or statements made before the Lots are offered for sale and recorded in the official record of the Sale.

The information contained in the Catalogue, including the characteristics, dimensions, colours and condition of the Lot and any incidents, damage and/or restorations affecting it, cannot be exhaustive, reflects the subjective assessment of the expert who provided such information and therefore cannot, in itself, be sufficient grounds for any interested person to bid without having personally inspected the Lot where it has been exhibited to the public.

For all Lots with a low estimate stated in the Catalogue exceeding €2,000, a condition report may be made available to any interested person upon request. All information contained in such report remains subject to the interested person’s own assessment.

Civil liability actions arising from voluntary public auctions of movable property are subject to a five-year limitation period running from the Knockdown, pursuant to Article L.321-17, paragraph 3, of the French Commercial Code.

A currency conversion system may be made available during the Sale. Foreign-currency equivalents of bids placed in euros in the saleroom are provided for information purposes only.

BIDDER’S CHARTER:

By participating in public auctions held by PIERRE BERGÉ ET ASSOCIÉS, bidders, irrespective of nationality, undertake to comply with Article 3h of Council Regulation (EU) 2022/428 of 15 March 2022 and Annex XVIII thereto, namely the prohibition on the sale and any direct or indirect transfer to Russia of works of art, antiques and collectors’ items.

This prohibition also applies to cars, wines and spirits, leather goods, clothing and textiles, precious stones, pearls and jewellery, jewellery articles, coins and silverware, porcelain, glass and crystalware, watches and musical instruments, as well as electronic and electrical goods.

The unit-value thresholds applicable to this prohibition are as follows: works of art, collectors’ items and luxury goods: from €300; land vehicles: from €50,000 (€5,000 for two-wheeled vehicles); electronic goods for domestic use: from €750; electronic sound and image recording equipment: from €1,000.

By participating in public auctions held by PIERRE BERGÉ ET ASSOCIÉS, bidders accept liability for any failure to comply with the above obligations.

PIERRE BERGÉ ET ASSOCIÉS remains available for any further information: contact@pba-auctions.com

SECURITY DEPOSIT

Pierre Bergé et associés reserves the right to require persons wishing to bid to provide a security deposit upon registration.

The amount of this security deposit shall automatically be charged by Pierre Bergé et associés up to the amount of the Purchase Price if the Successful Bidder has not paid the Purchase Price within 15 days of the Sale.

ABSENTEE BIDS AND TELEPHONE BIDDING

Absentee Bids and requests for Telephone Bidding are accepted and executed by Pierre Bergé et associés free of charge.

Pierre Bergé et associés will use reasonable endeavours to execute Absentee Bids and requests for Telephone Bidding submitted to it in writing up to two hours before the Sale.

Pierre Bergé et associés shall accept no liability if, in connection with Telephone Bidding, the telephone connection cannot be established or is interrupted.

Although Pierre Bergé et associés is prepared to register requests for Telephone Bidding until the end of the exhibition opening hours, it shall accept no liability for failure to execute requests submitted on the day of the Sale.

Telephone communications in connection with Telephone Bidding may be recorded.

Any interested person may submit an Irrevocable Bid to Pierre Bergé et associés, in consideration for which it may be agreed that the person making such bid will receive a fixed fee or a fee proportionate to the Hammer Price if the Lot is knocked down to a third party at a price exceeding the amount of the offer.

The Irrevocable Bid will be indicated in the Catalogue if received by Pierre Bergé et associés before the printed Catalogue is published and will be disclosed before the relevant Lot is offered for sale.

Any bidder receiving advice from a third party regarding the purchase of a Lot subject to an Irrevocable Bid must ask that third party to disclose any financial interest it has in the Lot, and the third party is required to make such disclosure.

Bidding or attempting to bid on a Lot subject to an Irrevocable Bid while sharing a direct or indirect, permanent or occasional common interest with the person who made the Irrevocable Bid, and entering into a financial arrangement with that person that is liable to hinder the bidding process, is punishable by six months’ imprisonment and a fine of €22,500 pursuant to Article 313-6 of the French Criminal Code.

BIDDING ON DIGITAL PLATFORMS

Pierre Bergé et associés shall not be liable for any interruption of a Digital Platform service during the Sale or for any other malfunction preventing a user from bidding.

An interruption of a Digital Platform service during the Sale shall not necessarily require the Auctioneer to suspend the Sale.

For Sales conducted simultaneously in the saleroom and online, where bids are made concurrently, the bid made in the saleroom shall take precedence over a bid made on a Digital Platform.

BIDDING INCREMENTS AND KNOCKDOWN

Bidding increments shall be determined at the discretion of the Auctioneer conducting the Sale.

If the amount of a bid is considered insufficient, inconsistent with the amount of the preceding bid, or liable to disrupt the proper conduct, fairness or pace of the Sale, the Auctioneer may decide to disregard it.

The Knockdown is evidenced by the fall of the hammer and the Auctioneer’s pronouncement of the word “adjugé” (“sold”) and/or, in the case of bidding on Digital Platforms, by the display of the word “adjugé” (“sold”).

The Auctioneer’s pronouncement of the word “adjugé” (“sold”) shall prevail over the display of that word.

If a bid is made between the fall of the hammer and the Auctioneer’s pronouncement of the word “adjugé” (“sold”), the Auctioneer shall reopen the bidding.

In the event of a dispute concerning the Knockdown of a Lot, namely where it is established that two or more bidders simultaneously made equivalent bids, whether orally or by gesture, and simultaneously claim the Lot after the word “adjugé” (“sold”) has been pronounced, the Lot shall be reoffered at the price bid by the competing bidders and all persons present shall be entitled to bid again.

BIDDERS’ LIABILITY

By bidding on a Lot, whether directly or through an intermediary, bidders assume personal liability for payment of the Purchase Price together with all applicable duties and taxes.

Bidders are deemed to act in their own name and on their own behalf unless Pierre Bergé et associés has received written notice to the contrary before the Sale.

Subject to the decision of the duly authorised Auctioneer, and provided that the final bid is equal to or higher than the Reserve Price, the final bidder shall become the Successful Bidder.

Lots sold are at the Successful Bidder’s sole risk and responsibility from the moment of Knockdown.

CHARGES PAYABLE BY THE SUCCESSFUL BIDDER

1- In addition to the Hammer Price, the Successful Bidder shall pay Pierre Bergé et associés a Buyer’s Premium calculated as a percentage of the Hammer Price on the following sliding scale:

· 25% excluding VAT up to €500,000

· 20% excluding VAT above €500,000

VAT rate: 5.5% in respect of a work of art, collector’s item or antique.

Applicable VAT regime:

In the case of a work of art, collector’s item or antique, Pierre Bergé et associés is subject to the standard VAT regime, under which VAT at the reduced rate of 5.5% shall apply to the aggregate of the Hammer Price and the Buyer’s Premium.

Where the property sold is subject to the standard VAT regime, the amount of VAT shall be shown on the buyer’s invoice and a buyer who is registered for VAT may, where applicable, be entitled to recover it.

2- The Artist’s Resale Right shall be payable by the buyer on the following terms:

Artist’s Resale Right (4%). The resale royalty rate is 4% of the sale price as defined in Article R. 122-4 of the French Intellectual Property Code where that price is between €750 and €50,000 inclusive. Where the sale price exceeds €50,000, the resale royalty is calculated according to a decreasing percentage scale and may not exceed €12,500.

3- In addition, the Hammer Price shall be increased as follows in the following cases:

• an additional 1.5% excluding VAT (i.e. 1.8% including VAT*) for Lots purchased via the Live Digital Platform “” (see the terms and conditions of “”);

• an additional 1.5% excluding VAT (i.e. 1.8% including VAT*) for Lots purchased via the Live Digital Platform “https://drouot.com” (see the terms and conditions of “https://drouot.com”);

• an additional 3% excluding VAT (i.e. 3.6% including VAT*) for Lots purchased via the Live Digital Platform

“https://invaluable.com” (see the terms and conditions of “https://invaluable.com”);

*Current VAT rate: 20%

PAYMENT OF THE PURCHASE PRICE

The public auction is conducted on a cash basis, and the Successful Bidder must pay the Purchase Price immediately following the award of the Lot, irrespective of their intention to take the Lot out of French territory (see below, “Removal from French Territory”).

The Successful Bidder must personally settle the Purchase Price and, in particular, where payment is made from a bank account, must be the holder of that account.

For any invoice exceeding €10,000, the source of funds will be requested from the Successful Bidder in accordance with Article L.561-5, 14° of the French Monetary and Financial Code.

Payment may be made as follows:

· In cash, for debts (total amount of the invoice) not exceeding €1,000 where the debtor is tax-resident in France or is acting for professional purposes, and for debts not exceeding €15,000 where the debtor demonstrates that they are not tax-resident in France and are not acting for professional purposes. No split payment consisting of a cash payment up to the applicable threshold and payment by another means for the balance may be accepted.

· By bank or postal cheque, subject to the mandatory presentation of a valid form of identification (payment subject to a deferred collection period of twenty days from the date of payment; foreign cheques are not accepted).

· By credit card, Visa or MasterCard.

· By bank transfer, in euros, to the bank account specified on the buyer’s invoice.

· By online payment: https://pba-auctions.com/paiement-en-ligne

Successful Bidders who placed bids via the Live platform will, unless otherwise notified, be charged on the bank card registered at the time of their registration for invoices of less than €1,200, within 48 hours following the end of the Sale.

In the event of the purchase of several Lots, unless otherwise instructed by the buyer at the time of the partial payment, the buyer waives the benefit of Article 1342-10 of the French Civil Code and authorises Pierre Bergé & associés to allocate such partial payment among the various purchase price debts, in the interests of the parties and with a view to ensuring the effectiveness of all sales entered into.

LATE PAYMENT

Any payment outstanding more than 30 days after the Sale shall give rise to late-payment interest at three times the statutory interest rate, together with a fixed recovery charge of €40.

Pierre Bergé et associés subscribes to the TEMIS service, which enables consultation of and reporting to the register of restrictions on access to auctions (the “TEMIS Register”) operated by Commissaires-Priseurs Multimédia (CPM), a société anonyme whose registered office is at 37 rue de Châteaudun, 75009 Paris (Paris Trade and Companies Register no. 437 868 425).

Any Purchase Price remaining unpaid to Pierre Bergé et associés or paid late may be reported to the TEMIS Register.

For further information, please consult the TEMIS data protection policy: https://temis.auction/statics/politique-protection-dp-temis.pdf

DEFAULT IN PAYMENT

In the event of default in payment, where the sale is rescinded or the property is resold by way of a repeat auction (réitération des enchères) pursuant to Article L.321-14 of the French Commercial Code, the defaulting Successful Bidder shall pay Pierre Bergé et associés fixed compensation equal to the Buyer’s Premium for which the bidder was liable, together with late-payment interest at three times the statutory interest rate after 30 days following the Sale and a fixed recovery charge of €40.

In the event of default in payment, where the property is resold by way of a repeat auction (réitération des enchères) pursuant to Article L.321-14 of the French Commercial Code, the defaulting Successful Bidder shall also pay to Pierre Bergé et associés, acting on behalf of the Seller, the difference between the first Hammer Price and the second Hammer Price if the latter is lower than the former, without prejudice to any damages that may be payable to the Seller and Pierre Bergé et associés.

Pierre Bergé et associés also reserves the right to set off any sums owed by the defaulting Successful Bidder or to cash any security cheques.

COLLECTION OF LOTS, INSURANCE, STORAGE AND TRANSPORT

Pierre Bergé et associés shall release sold Lots to the Successful Bidder only after receipt in full of the Purchase Price.

The Successful Bidder is responsible for insuring the Lots from the moment of Knockdown, as the risk of loss, theft, damage or otherwise passes to the Successful Bidder at that time pursuant to Article 1196 of the French Civil Code. Pierre Bergé et associés accepts no liability for any such damage, including damage to frames and glass, or for the Successful Bidder’s failure to insure against such risks.

Successful Bidders are advised to collect their Lots promptly.

Display stands do not form an integral part of the Lot.

DEFERRED COLLECTION AND STORAGE

The location of sold Lots will be stated on the buyer’s invoice.

Pierre Bergé et associés will provide storage free of charge for 30 days from the Sale.

After this period, storage charges and transfer costs from our premises to the Pierre Bergé et associés storage facility at 116 boulevard Louis Armand, 93330 Neuilly-sur-Marne, will be charged as follows:

· €10 excluding VAT (€12 including VAT*) per Lot per completed week for a volume exceeding 1 m³;

· €7 excluding VAT (€8.40 including VAT*) per Lot per completed week for a volume of less than 1 m³;

· €5 excluding VAT (€6 including VAT*) per Lot per completed week for an item “small enough to fit in the palm of the hand”.

*Current VAT rate: 20%

SHIPMENT OF PURCHASES

For shipments outside this area, PIERRE BERGÉ ET ASSOCIÉS recommends using its partner carrier (THE PACKENGERS - hello@thepackengers.com).

In all circumstances, Pierre Bergé et associés shall not be liable for the shipment, handling or storage of a Lot while it is being transported by a third party.

If, exceptionally, Pierre Bergé et associés agrees to arrange shipment of an item, it shall not be liable in the event of loss, theft or accident, the risks of which shall be borne by the Successful Bidder.

Such shipment will be arranged only after receipt of a letter releasing Pierre Bergé et associés from liability in this respect and shall be entirely at the Successful Bidder’s expense; the Successful Bidder must take out appropriate insurance.

REMOVAL FROM FRENCH TERRITORY

The removal of a Lot from France may be subject to administrative authorisation.

The sale of the Lot to the Successful Bidder is final irrespective of whether any administrative authorisation required for its export is obtained, and any delay in or refusal to issue such authorisation shall not justify cancellation or rescission of the sale or any deferment of payment of the Purchase Price.

The Successful Bidder is solely responsible for applying for any administrative authorisation required to remove the Lot from French territory.

If the Successful Bidder asks Pierre Bergé et associés to initiate such an application for administrative authorisation, all costs incurred shall be borne by the Successful Bidder and Pierre Bergé et associés shall provide this service without any guarantee as to the outcome. Export formalities for Lots subject thereto (applications for cultural property certificates, export licences and DRIEAT export permits) are the responsibility of the Successful Bidder.

EXPORT AFTER THE SALE

In accordance with the French Official Public Finance Bulletin BOI-TVA-SECT-90-50, “exports of goods sold at public auction are exempt from VAT pursuant to Article 262-I of the French General Tax Code. The exemption must be substantiated in accordance with the ordinary rules set out in BOI-TVA-CHAMP-30 et seq.”

VAT collected on the Purchase Price of the Lot may then be refunded to the Successful Bidder within the statutory time limits upon presentation of documents evidencing export of the relevant Lot.

In such case, the buyer must provide Pierre Bergé et associés with proof of export in the form of export documents duly endorsed by the customs office at the point of exit from the European Union in accordance with the applicable regulations (Article 74 of Annex III to the French General Tax Code or Article 24 ter of Annex IV thereto, as applicable), or, where appropriate, another document serving the same purpose.

From the date on which the purchases are released, the buyer must provide evidence of export within a maximum period of three months (90 days). After this period, the VAT shall be definitively collected and paid to the French State. No amended return or VAT refund may be made after this deadline.

FRENCH STATE RIGHT OF PRE-EMPTION

In certain cases prescribed by law, the French State has a right of pre-emption over works sold at public auction.

In such case, the French State is substituted for the final bidder, provided that the declaration of pre-emption made by the State representative in the saleroom is confirmed within fifteen days of the Sale.

Pierre Bergé et associés shall not be liable for decisions by the French State to exercise its right of pre-emption.

INTELLECTUAL PROPERTY

The sale of a Lot does not entail the transfer of copyright, including rights of reproduction or public display/performance in the work of which the Lot may constitute the physical medium.

PERSONAL DATA

Any person bidding or wishing to bid is invited to consult the privacy policy on the Pierre Bergé et associés website for information concerning the processing, collection and storage of personal data and the scope of his, her or its rights.

In connection with its auction activities, Pierre Bergé et associés may collect personal data concerning persons bidding or wishing to bid and persons who are successful bidders.

Such persons have rights of access, rectification and objection in relation to their personal data, which may be exercised by contacting Pierre Bergé et associés directly.

Pierre Bergé et associés may use such personal data in order to comply with its legal obligations and, unless the persons concerned object, in the course of its business activities (including commercial and marketing activities).

Such data may also be disclosed to public authorities where required by applicable regulations.

DISPUTE RESOLUTION

In the event of a dispute with Pierre Bergé et associés, any natural or legal person may submit a complaint to the Government Commissioner attached to the Conseil des maisons de vente, by post at 19 avenue de l’Opéra, 75009 Paris, or online via the Conseil des maisons de vente website (https://conseilmaisonsdevente.fr).

MISCELLANEOUS PROVISIONS

These General Conditions of Sale, the Sale and all matters arising therefrom, including the contract of sale formed upon conclusion of the bidding, shall be governed by French law.

Bidders, Successful Bidders and their agents agree that any dispute relating to the Sale shall be subject to the exclusive jurisdiction of the French courts.

All provisions of these General Conditions of Sale are severable, and the invalidity of any one provision shall not affect the validity of the remaining provisions.