Lot 456: Portrait of a city by Maria Serebriakova

1. All items are assumed to be in good condition, unless otherwise stated. They may be returned - in the same condition - if any serious defect not mentioned in the catalogue is found. Notice must be given promptly, and the item returned within 8 days of receipt. Excepted are lots comprising 3 or more works, works not mentioned in the description ("others"), or items marked "w.a.f." ("with all faults") or "n.s.t.r." ("not subject to return").

2. Prices are in Euros. Bids are raised by fixed increments. Up to €100 the increment is €5, from €100 to €200 the increment is €10, from €200 to €300 the increment is €20, from €300 to €500 the increment is €25, from €500 to €1.000 the increment is €50, from €1.000 to €2.000 the increment is €100, from €2.000 to €5.000 the increment is €200, from €5.000 to €10.000 the increment is €500, and from €10.000 upwards the increment is €1.000.

3. The highest bidder shall be the purchaser of the lot. In case of dispute, the auctioneer alone is entitled to decide on price and/or purchaser. The auctioneer has the right to refuse any bid without stating his reason.

4. Each buyer is held to buy for his own account and cannot claim any commission.

5. Winning bidders pay a buyer's premium of 24.2% over the hammer price including all taxes, plus the 3% online transaction fee charged by Invaluable.

6. The winning bidder is responsible for paying the resale royalty (droit de suite) if applicable. Droit de suite is payable to living artists or their heirs within 70 years following the death of the artist on resold artworks with a resale price [hammer price + total premium excl. VAT] of at least €3.000. The artist must be an EU national, or a national of Iceland, Liechtenstein or Norway, or must be a permanent resident of the Netherlands. The royalty of 4% is to be paid on resale prices from €3.000 to €50.000; on the prices from € 50,000.01 to € 200,000 3% of royalties is to be paid, from € 200,000.01 to € 350,000 droit de suite is 1%, from € 350,000.01 to € 500,000 - 0.5%; above € 500,000.01 - 0.25%. Resale royalties are not subject to VAT.

7. All purchases must be paid for within two weeks of the receipt of the invoice. Property of the goods does not pass to the purchaser until the invoice has been paid in full. Any costs caused by buyers not complying with these conditions (e.g. collecting fees) will be chargeable to them. Payments are accepted by bank transfer, debit card (if paying in the office), Visa and Mastercard. All bank charges are to be paid by the buyer. Payments by credit card are subject to a 4% surcharge on the total invoice amount up to €1.000; on invoices from €1.000 to €2.000 the surcharge is 3%, and on amounts exceeding €2.000 a surcharge of 2,5% is applicable.

8. Shipping is at cost and risk of the purchaser. All shipments are sent through standard surface mail unless the buyer explicitly requests otherwise.

9. Buyers who wish to collect their goods must do so within two weeks of the date of the auction. All costs incurred after this period, e.g. storage, insurance, transport etc., will be charged to the buyer.

10. All images and lot descriptions appearing in the online catalogue are the property of Adams Amsterdam Auctions. It is strictly forbidden to use them without the written permission of the auction house. All rights reserved.

11. On every purchase Dutch law only is applicable. In case of disputes the judge of the appropriate chamber in Amsterdam is exclusively competent to decide in first instance.

12. By bidding at the auction, the bidder accepts these terms and conditions of sale in full.

Winning bidders pay a buyer's premium of 24.2% over the hammer price including all taxes, plus the 3% online transaction fee charged by Invaluable.

Payments are accepted by bank transfer, Maestro, VP, Visa, Mastercard and cash.

Auction House will ship, at Buyer's expense and risk.