Lot 195: Valentine HUGO.

Live bidding may start higher or lower

€0 - 150,000:33.0%

€150,001 - 500,000:28.8%

€500,001+:24.6%

The auction will be conducted in euros and payment will be due immediately. In addition to the hammer price, buyers will pay the following fees : up to 150 000 euros, 30% incl. VAT of the hammer price (25% excl. VAT + 20% VAT), above 500 000 euros and up to 500 000 euros, 25,8%
incl. VAT (21.5% excl. VAT + 20% VAT) and above 500 000 euros, 21,6% incl. VAT (18% excl. VAT
+ 20% VAT). This calculation applies to each lot per tranche.

Payment is due immediately after the sale. This rule applies even if the buyer wishes to export the lot and an export license is, or may be, required. Payment must be made by wire transfer and in Euros. As a courtesy we accept payment by Visa, MasterCard as well as Amex (with additional fees of 2.75%). In cash and in Euros up to 1 000 euros (incl. fees and taxes) for French private residents and up to 15 000 euros (incl. fees and taxes) for foreign residents. The auction operating officer is adherent to the Registre Central de prévention des impayés des Commissaires Priseurs (Auctioneers Central Registry to prevent overdue payments) to which payment incidents may be addressed. Rights of access, rectification and opposition on legitimate grounds can be exercised by the debtor involved by addressing to Symey 15 rue Freycinet 75016 Paris.

IMPORTANT NOTICE : Concerning lots sold by foreign resident sellers, buyer will pay a 5.5% VAT in addition to the hammer price (lots marked with ) or 20% (lots marked with ) plus legal fees (VAT may be reclaimed upon proof of export outside the EU within a maximum one month period). In accordance with the provisions of Article 321 - 4 of the Commercial Code, the asterisk ( ) marking some lots indicates that they are owned by an associate of Pierre Bergé & Associates.

RIGHT OF CONTINUATION
Pierre Bergé & associés is legally obliged to collect the sums due under the resale right for the sale of the lots and to return them to the collecting agency or the beneficiary of the right.
The buyer shall be responsible for the payment of the resale charge and shall be invoiced at the same time as the tender price and the costs referred to in the first paragraph.
In the event that PBA becomes aware that a sale is subject to the resale duty only after the lot has been tendered, that duty will be invoiced to the buyer separately.
The selling price used as the basis for collecting the resale duty shall be calculated, excluding taxes, on the hammer price. It is calculated work by work. The applicable rate is:
- 4% for the price range up to 50,000 euros
- 3% for the price range between EUR 50,000.01 and EUR 200,000
- 1% for the price range between EUR 200,000.01 and EUR 350,000
- 0.5% for the price range between EUR 350,000.01 and EUR 500,000
- 0.25% for the part of the price exceeding EUR 500,000.01. The amount of the resale right is capped at 12,500 euros.


WARRANTY
In accordance with the law, the auctioneer is legally responsible for the contents of the catalogue, subject to any adjustment announced during the presentation of the lot and duly noted in the official sale record. Condition reports describing damage, imperfection or restoration are done to facilitate the prospection and shall remain subject to the discretion of personal examination by the buyer or his representative. The absence of such reference in the catalogue does not imply that an object is exempt from any defect or restoration. The pre - sale exhibition allows prospective buyers to inspect property and therefore, no claim will be registered regarding usual restorations and small accidents.


BIDDINGS
The sale will follow the lot numbers according to the catalogue. PBA has discretion to set the increment of the bids and all bidders must comply with this. The highest and final bidder will be the buyer. In case of a double bidding declared by the auctioneer, the lot will be immediately reoffered for sale and all present prospective buyers will be able to bid a second time. At the striking of the hammer, risk and responsibility for the lot passes to the buyer. He is therefore responsible for insuring his lots as soon as the auction is final.


ABSENTEE AND TELEPHONE BIDS
Bidders who cannot attend the auction in person and who are wishing to bid by absentee or telephone bid are required to submit bids on the Absentee Bid Form of which a copy is printed in the last pages of the catalogue. This form must be received at least two days in advance of the sale, with the bidder's bank details. Pierre Bergé & Associates provides telephone bids as a convenience to bidders who cannot attend the auction in person and therefore will not be held responsible if a phone connection problem occurs , under no circumstances Pierre Bergé & Associates employees will be held responsible if an error shall occur in the execution of the telephone bids.



REMOVAL OF PURCHASES
From the moment the hammer falls, sold items will be in the exclusive responsability of the buyer. Transportation and storage will be invalided to the buyer. The buyer will be solely responsible for insurance, and Pierre Bergé & associés assumes no liability for any damage items may incur from the time the hammer falls. All formality procedures, including those concerning exportation as well as transport fall exclusively to the buyer.
- Sales at Richelieu - Drouot : Furniture, paintings and other voluminous objects which have not been retrieved by the buyer on the day following the sales, before 10 am, will be stored in the 3rd basement of the Hotel Drouot where they can be collected at the following hours : 1pm - 5pm from Monday to Friday, 8am - 12am on Saturday.
Hotel Drouot Store : 6 bis rue Rossini, 75009, Paris Tel : +33 (0)1 48 00 20 56
All due storage fees, according to the tariffs of Drouot SA, have to be paid at the Hotel Drouot's store before the retrieval of items and on presentation of the paid voucher.
- Sales at Atelier Richelieu : Furniture, paintings and other voluminous objects which have not been retrieved by the buyer on the day following the sales, before 10am, will be stored at the TSE furniture store where they can be collected at the following hours : 9am - 12am / 2pm - 6pm from Monday to Friday.
Furniture store TSE : 36 / 56 rue Louis David, 93170 Bagnolet Tel : +33 (0)1 48 58 36 06 Email : garde - meubles.tse@orange.fr
Storage fees will be taken care of by PBA for a duration of 15 days starting after the date of the sale. Past this period of time, the buyer will be responsible for the fees which will be of 30 euros per m³ per month. Please note that it will be compulsory to inform Pierre Bergé & associés 48h before collecting the acquired items so that Pierre Bergé & associés can authorize the delivery by the furniture store. Retrieval of purchases is done upon appointment and presentation of the paid voucher.

PRE-EMPTION
In certain cases, the French State may exercise its pre - emptive right on works of art put up for sale, in accordance with the provisions of the Article 37 of the Law of December 31, 1921, amended by section 59 of the Law of July 10, 2000. State then replaces the last bidder. In such cases, the representative of the State must express its intention after the striking of the hammer to the company authorized to organize the public auction or private sale. The pre - emption decision must then be confirmed within fifteen days. Pierre Bergé & Associates will not assume any liability for administrative decisions of pre-emption.

The auction will be conducted in euros and payment will be due immediately. In addition to the hammer price, buyers will pay the following fees : up to 150 000 euros, 30% incl. VAT of the hammer price (25% excl. VAT + 20% VAT), above 500 000 euros and up to 500 000 euros, 25,8%
incl. VAT (21.5% excl. VAT + 20% VAT) and above 500 000 euros, 21,6% incl. VAT (18% excl. VAT
+ 20% VAT). This calculation applies to each lot per tranche.

Payment is due immediately after the sale. This rule applies even if the buyer wishes to export the lot and an export license is, or may be, required. Payment must be made by wire transfer and in Euros. As a courtesy we accept payment by Visa, MasterCard as well as Amex (with additional fees of 2.75%). In cash and in Euros up to 1 000 euros (incl. fees and taxes) for French private residents and up to 15 000 euros (incl. fees and taxes) for foreign residents. The auction operating officer is adherent to the Registre Central de prévention des impayés des Commissaires Priseurs (Auctioneers Central Registry to prevent overdue payments) to which payment incidents may be addressed. Rights of access, rectification and opposition on legitimate grounds can be exercised by the debtor involved by addressing to Symey 15 rue Freycinet 75016 Paris.

IMPORTANT NOTICE : Concerning lots sold by foreign resident sellers, buyer will pay a 5.5% VAT in addition to the hammer price (lots marked with ) or 20% (lots marked with ) plus legal fees (VAT may be reclaimed upon proof of export outside the EU within a maximum one month period). In accordance with the provisions of Article 321 - 4 of the Commercial Code, the asterisk ( ) marking some lots indicates that they are owned by an associate of Pierre Bergé & Associates.

In addition to the hammer price, buyers will pay the following fees : up to 150 000 euros, 30% incl. VAT of the hammer price (25% excl. VAT + 20% VAT), above 500 000 euros and up to 500 000 euros, 25,8%
incl. VAT (21.5% excl. VAT + 20% VAT) and above 500 000 euros, 21,6% incl. VAT (18% excl. VAT
+ 20% VAT). This calculation applies to each lot per tranche.


- 3.60% VAT (20% VAT) of the auction price for auctions via INVALUABLE.

From the moment the hammer falls, sold items will be in the exclusive responsability of the buyer. Transportation and storage will be invalided to the buyer. The buyer will be solely responsible for insurance, and Pierre Bergé & associés assumes no liability for any damage items may incur from the time the hammer falls. All formality procedures, including those concerning exportation as well as transport fall exclusively to the buyer.
- Sales at Richelieu - Drouot : Furniture, paintings and other voluminous objects which have not been retrieved by the buyer on the day following the sales, before 10 am, will be stored in the 3rd basement of the Hotel Drouot where they can be collected at the following hours : 1pm - 5pm from Monday to Friday, 8am - 12am on Saturday.
Hotel Drouot Store : 6 bis rue Rossini, 75009, Paris Tel : +33 (0)1 48 00 20 56
All due storage fees, according to the tariffs of Drouot SA, have to be paid at the Hotel Drouot's store before the retrieval of items and on presentation of the paid voucher.
- Sales at Atelier Richelieu : Furniture, paintings and other voluminous objects which have not been retrieved by the buyer on the day following the sales, before 10am, will be stored at the TSE furniture store where they can be collected at the following hours : 9am - 12am / 2pm - 6pm from Monday to Friday.
Furniture store TSE : 36 / 56 rue Louis David, 93170 Bagnolet Tel : +33 (0)1 48 58 36 06 Email : garde - meubles.tse@orange.fr
Storage fees will be taken care of by PBA for a duration of 15 days starting after the date of the sale. Past this period of time, the buyer will be responsible for the fees which will be of 30 euros per m³ per month. Please note that it will be compulsory to inform Pierre Bergé & associés 48h before collecting the acquired items so that Pierre Bergé & associés can authorize the delivery by the furniture store. Retrieval of purchases is done upon appointment and presentation of the paid voucher.

In accordance with the law, the auctioneer is legally responsible for the contents of the catalogue, subject to any adjustment announced during the presentation of the lot and duly noted in the official sale record. Condition reports describing damage, imperfection or restoration are done to facilitate the prospection and shall remain subject to the discretion of personal examination by the buyer or his representative. The absence of such reference in the catalogue does not imply that an object is exempt from any defect or restoration. The pre - sale exhibition allows prospective buyers to inspect property and therefore, no claim will be registered regarding usual restorations and small accidents.