Lot 1: The Frivolous Lemminkäinen, 1990

1. The Kortárs Aukciósház, LP (HU-1013 Budapest, Pauler utca 6., hereinafter: Auction House) handles and conducts the Sale on behalf of the vendors and acts as a commercial agent. The lots are called up in the same succession as in the catalogue in a way that the auctioneer announces the catalogue number, artist and starting price of the lot to be auctioned. The buyers then indicate their intention to bid by raising their numbered bidding paddle.

2. The buyer offering the highest bid shall acquire the title of the lot. In the case of items marked in the catalogue as 'protected' (VÉDETT), all Hungarian museums have priority to purchase the lot at the hammer price. The protected items cannot be exported from Hungary. Owners of these items are registered by the
Ministry of Cultural Heritage and any change in ownership must be reported to the relevant authorities.

3. The Auction House as a commercial agent is authorised by the commissioning party to sign the sale and the purchase agreement of the lot with the highest bidder and receive the purchase price on behalf of and to the benefit of the commissioning party. Under this arrangement the sale and purchase agreement shall be settled between the commissioning party (owner of the lot) and the buyer.

4. The buyer shall pay a deposit of 20% of the purchase price in cash upon the successful bid. In case the full purchase price is paid in one amount after the sale, the buyer can take immediate possession of the object. The Auction House allows a sevenday period from the date of the sale for the payment of the balance amount between the deposit and the full purchase price. The purchase price includes the amount of the deposit provided the deadline set for the balance payment has been met. The Auction House reserves the right to terminate the sale and purchase agreement unilaterally if the purchase price has not been paid in full by the set deadline. In this case the paid deposit is not reimbursable to the buyer.

5. Beside the hammer price, the buyer shall pay a buyer's premium equalling 20% of the hammer price to the Auction House. The buyer's premium includes VAT.

6. The buyer is responsible for the package and transport of the purchased item at his own cost and risk once the full purchase price has been paid. Failure to do so on the part of the buyer shall release the Auction House from any responsibility for any loss of or damage to the purchased item.

7. Once awarded to the highest bidder, the item may not be repurchased or re-auctioned again, unless the identity of the buyer cannot be established. In this case the Auctioneer is entitled to resell the item.

8. All collusion or conspiracy on behalf of any party, planning to force a third party to make an unreasonable high bid, and thus inflict any loss on the third party is strictly forbidden.

9. All lots shall be on display at the exhibition prior to the Sale. All descriptions and illustrations in the catalogue are only for identification purposes. The bidder is responsible for inspecting the condition of the auction lots - prior to the auction - and for deciding whether this is in accordance with the catalogue description.

10. The Auction House guarantees that all items in the Sale are genuine. All items are sold with the defects and imperfections they may have at the time of the Sale. Once awarded to the Buyer, no objections to the physical condition of the item will be considered, unless the item is fake though marked genuine in the catalogue. In this case the buyer may contest the sale in writing within 3 months of the initial doubt to the provenance or genuinness of the item, but no later than 5 years from the date of the Auction. The Auction House undertakes to repurchase the item from the Buyer for a price including the hammer price and the buyer"s premium within 5 years from the Sale's date if an independent expert establishes that the item is not genuine.

11. Sale items may not be purchased below the starting price. The Auction House cannot be compelled to re-enter the same item in another sale at a later date.

12. Unsold items may be resold at the end of the Sale upon request to the Commercial Agent.

13. The Civil Code shall govern in any matter unregulated in the present Conditions of Sale. Should any dispute arise, the Parties accept the competence of the Municipal Court of Budapest.

Buyer pays shipping cost, package and insurance. Export licence is arranged by the auction house free of charge. (It takes 6 to 8 weeks to get it from the Ministry after the sale)