Auction decree, Gallery ART Prague, Autumn auction, 24.11.2019

The Auction Decree lays down the rules for conducting and participating in the below-mentioned public auction (hereinafter the “Auction”)
performed according to Act no. No. 26/2000 Coll., on public auctions, organized as auctioneers of companies
Gallery ART Praha, spol. s r.o., IČO 48117421, registered office: Bořetická 2668/1, 193 00 Praha 9 Horní
Počernice (hereinafter referred to as the “Organizer”) and is accessible: at the company's headquarters, at the ART Gallery Prague, Staroměstské
náměstí 20/548, Praha 1, on the company's website www.galerie-art-praha.cz, at auction
catalog and on the day of auction also at the place of its auction. Every auction participant expresses his / her consent
with the wording and understanding of this Decree, undertakes to govern and comply with its provisions.

Auction Decree
on holding a public auction of voluntary joint affairs movable to the highest bidder.

1. Announcement of the auction
Organizer Auction ART ART Praha, spol. s r. o., IČO: 48117421, DIČ: CZ48117421, registered office Praha 9
Horní Počernice, Bořetická 2668/1, registered in the Commercial Register of the Municipal Court in Prague, File No. C 16981, announces that
on November 24, 2019 from 1.30 pm, in the Louvre Café Gallery, Národní 22, 110 00 Prague 1,
a request by the owners of the items offered at the Auction (hereinafter referred to as the “Bidders”) to hold the Auction of Movable Items
in particular paintings, sculptures and other works of art and objects (hereinafter referred to as “Auction Items”).

2. Auction items
Auction items are marked, described and reproduced in the Auction catalog (hereinafter referred to as the “Catalog”),
including their accessories, rights and obligations attaching thereto and associated with them, a description of their condition,
defects and starting price. Participants of the Auction have the opportunity to view the Auction Items physically and
to get acquainted with them at the Exhibition held at the Art Gallery Prague, Old Town Square
náměstí 20, daily from 13.11. to 23.11.2019, from 10.30 to 19.00 hours, on the day of auction then from
10.30 to 13.00. Auction items will be auctioned in the order shown in the Catalog and are
Offered as described in the catalog, or on a label for a work that points to a change
expertise, defect, or later found fact. Those interested can also get acquainted with the offered ones
Auction items through the Organizer's website www.galerie-art-praha.cz.

3. The course of the auction
The authorized person of the Auction Organizer shall inform the Auction Participants of the auction number of the auctioned Auction
item from the Catalog, its brief description and the lowest submission (hereinafter referred to as the “Starting Price”). After
acquaintance, the auctioneer approaches his own auction of the Auction Item. These are parallel to this
information together with a photograph of the auctioned auction item including price and bids projected in
auction hall.
The bidders can participate in the auction, ie make bids physically present at the Organizer registered candidates - participants
auctions (hereinafter referred to as "Bidders"), who themselves make bids by clearly raising the auction number they receive
during registration, or those who have authorized the Organizer to participate in the auction through the Power of Attorney
in the absence of. The Auction of an Auction Item lasts as long as the Bidders bid. The candidate who
offers the highest bid (hereinafter referred to as the “Hammer Price”) becomes the auctioneer after the hammering
By the auctioneer of the given Auction Subject with its rights and obligations resulting therefrom.

Bids are determined by the auctioneer as follows:
● 500 CZK at an immediate price of up to 5 000 CZK
● $ 50 at an instant price of $ 500 to $ 50,000
● $ 100 at an instant price of $ 50,000 to $ 70,000
● $ 200 at an instant price of $ 70,000 to $ 100,000
● 10,000 CZK at an instant price of 100,000 to 300,000 CZK
● 20,000 CZK at an immediate price of 300,000 to 750,000 CZK
● 50,000 CZK at an immediate price over 750,000 to 1,500,000 CZK
● $ 5,000 at an instant price of $ 1,500,000 to $ 5,000,000
● 200,000 CZK at an immediate price over 5,000,000 CZK

Only bidder can make adjustments of bids and bids order according to actual situation. A separate auction has
the rules that are published in the Catalog and remind them before each separate auction
auctioneer.

A person who:
● caused some former Auction of the organizer to be thwarted, ie a person who did not pay in the auction acquired
Auction item, or
● previously attempted to disrupt the Organizer's Auction, or even disrupted it by behavior contrary to it
good morals and laws of the Czech Republic, or
● damaged or attempted to damage the Organizer's reputation and reputation.

The organizer has the right to deny entry to the auction to drunk or noisy persons or anyone who would
could disrupt the quiet course of the auction without giving any reason. Auction participants and everyone present at the auction
are obliged not to interfere with the course of the auction by conduct contrary to good manners; and
laws of the Czech Republic, or will be brought out by the organizers.

4. Ways to participate in the auction in absentia:
4.1 Limit Auction, ie an auction in absentia specifying the amount to which the Bidder entrusts the Organizer,
to bid in favor of the Bidder. At the limit auction, the Bidder shall issue and sign the Power of Attorney to the Organizer to
Representation in the Auction with the determination of the Auction Subject (listing the catalog number, author and title
each auction item) and the limit of the highest bid for each
an individual Auction Subject to which the Organizer or a person authorized by the Organizer is authorized in the auction
bid and try to obtain such works for the Bidder.

4.2 Telephone auction, ie auction in the absence of the Bidder, who “live” by telephone
the connection gives the Organizer auction instructions. For the Telephone Auction, the Bidder shall issue and sign Full
Power Organizer to represent the auction over the phone, stating your phone number on which it will be
The auctioneer can be reached during the auction by specifying the Auction Subject (by specifying the catalog number,
author and title) for which it authorizes the Organizer to participate in the auction. It is a duty and a responsibility
Bidders shall be available at the specified telephone number and by telephone at the time of the auction
give clear, understandable and binding instructions to the Promoter or a person authorized by the Promoter to proceed within the framework
mainly, but not exclusively: to respond immediately to the movement of the price of the work, to bid or
your participation. The organizer will verify the correctness and availability of the phone number on the auction day
control call. In case the Organizer or a person authorized by the Organizer fails just before the auction
telephone to the Bidder, ie the Bidder does not take the phone, the phone is unavailable or from others
for technical reasons the telephone connection cannot be established, the organizer is empowered without further notice
the Bidder 's consent to bid up to the starting price increased by 20%, or to the limit specified on
The Bidder's powers of attorney and in this form, try to obtain the auction subject for the Bidder. Phone call
The organizer or persons authorized by him / her with the Bidder during the auction is recorded with which the Bidder expresses
agreement.

4.3 Internet auctions - ie auctions in the absence of the Bidder who “live” through
The Internet connection gives the Organizer auction instructions. For the Internet auction, the auctioneer auction
registers the subject on the portal www.liveauctioneers.com or www.LiveBid.cz.

4.4 The power of attorney form is available for download at www.galerie-art-praha.cz. Receiving full powers for the auction is
The organizer does not guarantee processing of powers of attorney received after
this time.

5. Impact Price
5.1 The auction price (hereinafter the “Hammer Price”) is the highest bid price in the auction,
under which the ownership of the Auction Subject is transferred under specified conditions.
The Bidder who has offered this prize becomes the Auctioneer of the Auction Subject with all rights and
obligations arising from it.

5.2 The Auctioneer is entitled to a remuneration (hereinafter referred to as “Auction Commission”) in the amount of 22% of the Hammer Price, which is
payable together with the Hammer Price. The auction commission includes VAT of 21%.

6. Payment terms
6.1 The hammer price cannot be additionally reduced or bargained.

6.2 At the earliest pause or immediately after the auction, the Bidder is obliged to confirm to the Organizer
by signing in the Auction Report that he offered the Hammer Price for the auctioned works,
rights of obligation resulting from this and undertakes to pay to the Organizer the Hammer Price plus
Auction commission (hereinafter “Amount to be paid”).

6.3 The amount to be paid is payable at the earliest pause or immediately after the auction ends in cash,
by card or otherwise in agreement with the Organizer. If the Amount to be paid exceeds the amount
200.000, - CZK, the Bidder is obliged to deposit a minimum of 10% of the Amount to be paid,
the debt and make its payment according to the instructions of the Organizer within 14 days after the end of the auction. Change payment
of the Terms and Conditions is possible only by written agreement of the Organizer and the Bidder.

6.4 The transfer of ownership rights to the Bidder shall take place at the moment of the percussion and complete
by paying the Amount to be paid.

6.5 In the event that the delay in payment of the Bidder exceeds 30 days, the Bidder (hereinafter referred to as
“The Conqueror”) has withdrawn from the offer made and the Organizer has the right in this case
to claim a lump sum compensation for all damages caused by thwarting the auction of the given Auction Item, namely
at least in the amount of the corresponding Auction Commission from the Hammer Price.

6.6 Unpaid Auction items can be auctioned in a repeated auction.

6.7 The Bidder shall bear all costs associated with the handover and takeover of the Auction Item.

6.8 The risk of damage to the Auction Item shall pass from the Claimant (original owner) to
The Auctioneer at the moment the Auction Item was handed over to the Auctioneer. However, if the Bidder gets to
delay in taking over the subject of the auction by more than 14 days, the risk of damage at the Auction passes
Subject to the Auctioneer and Auction Organizer has the right for works stored for more than 14 days after the end
to charge the Bidder a 0.1% Percent Price of the Work per day.

7. Acceptance of auctioned Auction Items
The Bidder has the right to take over the auctioned Auction Item only after full payment of the Amount to be paid.
Auction items displayed at the place of auction can be taken over immediately after the auction or at
The following days in the Art Gallery Prague, Old Town Square 20, Prague 1 during normal opening
time, which is listed on the website www.galerie-art-praha.cz. Auction items placed
in the Art Gallery Prague, Old Town Square 20, Prague 1, it is possible to take it over there on the auction day until 8 pm
hours and then during normal business hours. After the agreement it is possible to take over the auctioned ones
The courses can also be found in the Organizer's registered office at Bořetická 2668/1, 193 00, Prague 9, Horní Počernice.
The auction items acquired in the auction are handed over to the Bidder upon submission of a complete proof
payment of the Amount to be paid. The acceptance protocol is always mutually signed - Confirmation of
acquisition.

8. Authenticity of Auction Items:
The Claimant guarantees the authenticity of all Auction Items sold by him in full. In case that
verification of authenticity (verbal or written) has been ensured, or if the auction subject has expertise
this fact is stated in the auction catalog. Bidder has in progress
the right to invite an expert for the purpose of assessing the authenticity of an auction item in the
the place of the pre-auction exhibition.
If the Bidder submits a written report to the Organizer within 30 days of the auction
an authorized expert that the auctioned Auction Item is a forgery and returns it as it is
found at the time of the auction and if subsequently confirmed by the experts of the Organizer that it really is
counterfeit, then the Promoter withdraws from the auction sale of this item and returns the paid performance.
The organizer, its employees and other persons authorized by it are not responsible for incorrect description
And do not provide any warranty on the Auction Subject.
If it was found that the work is a fake, the cost of refunding, handling the work, preparing the auction
etc. is paid by the Claimant. If the Organizer incurs damage, the Claimant shall also pay it
immediately.

9. Privacy
9.1 The Privacy Policy is listed on the Auction Organizer's website
www.galerie-art-praha.cz/pracovani-osobnich-udaju. In connection with the Auction, they will be the Organizer
only "Administrator") processed the following personal data: name and surname, social security number, date of birth, place
permanent address, telephone number, e-mail, identity card or passport number together with
the validity information and the issuing authority, the bank account number (hereinafter referred to as "Personal Data").
The Administrator is obliged to process personal data with the exception of telephone number and email for fulfillment
legal requirements for trade in objects of an artistic nature for a period of 10 years from the following
calendar year after the auction ends. First and last name, place of residence, telephone number and
email will be processed by the Administrator for marketing purposes for a period of 5 years. Processing of personal
data for marketing purposes can be refused at any time, in writing or by e-mail to the Administrator.

9.2 The Bidder is aware of its right to refuse the processing of personal data for marketing purposes,
request information from the Administrator about what personal data it processes, ask the Administrator for explanations
regarding the processing of personal data, ask the Administrator for access to personal data and keep it
update or correct, require the Administrator to delete personal data if it is not for processing
legal reason, in case of doubt about compliance with obligations related to personal processing
contact the Administrator or the Office for Personal Data Protection.

9.3 The Bidder declares that it will collect Personal Data to the extent necessary to fulfill the above
and to process them only in accordance with the purpose for which they were collected. Administrator
declares that it will process personal data in writing, both paper and electronic.

9.4 Other facts not specified in this Auction Decree shall be governed by Act No. 26/2000 Coll., Act No
public auctions and the law of the Czech Republic.

In Prague on 1.10.2019
Gallery ART Praha spol. s r.o.
Jan Kašpar, Managing Director