MASTERS JEWELLERY & HORLOGERIE - Nice

Private exhibition by appointment in Nice : Julia DRAGONE 06.11.75.81.55 j.dragone@millon-riviera.com Public exhibition: Salle VV, 3 rue Rossini, 75009 Paris Saturday, December 3rd, 10 am to 6 pm Sunday, December 4, 2 pm to 6 pm

These terms and conditions and all related matters are governed solely by French law. Purchasers or their agents agree that any legal action shall fall within the exclusive jurisdiction of the French courts (Paris). The various provisions of the general terms and conditions of sale are independent of each other. The nullity of any one of these provisions does not affect the applicability of the others. By participating in this public auction, all buyers or their representatives accept and adhere to all the conditions set out below. The sale is made in cash (Art. 1650 of the French Civil Code) and conducted in euros. A currency conversion system may be set up at the time of sale. The counter-values in foreign currencies of bids placed in the room in euros are provided for information only. DEFINITIONS AND GUARANTEES The information given in the catalog is drawn up by MILLON RIVIERA and the independent experts mentioned in the catalog, subject to the rectifications, notifications and declarations announced at the time of presentation of the lot and recorded in the sales report. The dimensions, colors of the reproductions and information on the condition of the object are provided for information only. All indications of any incident, accident, restoration or conservatory measure affecting a lot are communicated in order to facilitate its inspection by the potential buyer, and remain subject to the latter's entire appreciation. This means that all lots are sold in the condition in which they were at the precise moment of their adjudication, with all possible defects and imperfections. No claims will be accepted once the lots have been sold, as a prior exhibition will have enabled buyers to examine the works presented. For lots with a low estimate in excess of 2,000 euros, a condition report on the state of conservation of the lots may be provided free of charge on request. The information contained therein is provided for information purposes only. MILLON RIVIERA and its experts cannot be held liable in any way whatsoever. In the event of a dispute at the time of the auction, i.e. if it is established that two or more bidders have simultaneously made an equivalent bid, either aloud or by sign, and claim the lot at the same time after the word "adjugé" has been pronounced, the said lot will be re-bid at the price proposed by the bidders, and all the public present will be admitted to bid again. Lots marked with ° contain ivory specimens of Elephantidae spp, prior to June 1, 1947, and therefore comply with art. 2/W mc of the rule of December 9, 1996. A CITES re-export permit will be required if the item is to be exported from the EU, at the expense of the future buyer. Lots preceded by a "J" will be subject to a judicial report at the legal buyer's expense of 12% ex VAT, i.e. 14.40% inc VAT. PURCHASE ORDERS AND TELEPHONE AUCTIONS MILLON RIVIERA does not charge for taking and executing purchase orders and telephone bids. MILLON RIVIERA will do its best to execute bids received in writing up to 2 hours before the sale. MILLION RIVIERA will not be held responsible for the non-execution of a bidding order or for any error or omission in the execution of such orders. Furthermore, MILLION RIVIERA cannot be held responsible for any interruption, non-establishment or delay of the telephone connection in the case of telephone auctions. Although MILLION RIVIERA is prepared to accept telephone order requests up to the end of the exhibition hours at the latest, it will not assume any liability for non-fulfilment due to errors or omissions in connection with telephone orders. LIVE ELECTRONIC AUCTIONS : MILLON RIVIERA cannot be held responsible for the interruption of a Live service during a sale or for any other malfunction that may prevent a buyer from bidding via a technical platform offering the Live service. The interruption of a Live auction service during a sale does not necessarily justify the auctioneer stopping the sale. COSTS TO BE BORNE BY THE BUYER The buyer will pay MILLON RIVIERA, in addition to the hammer price, an auction commission of 24% excluding VAT, i.e. 28.8% including VAT at the current rate of 20%. Total price = hammer price + auction commission. In the case of bids placed via live platforms, the inherent costs will be added to the auction house's costs: - 3% excl. tax for Interenchères live - 1.5% excl. tax for Drouot Live PERSONAL DATA In the course of our auction activities, our auction house collects personal data concerning the seller and the buyer. The latter therefore have the right to access, rectify and object to their personal data by contacting our auction house directly. Our OVV may use this personal data to meet its legal obligations, and, unless the persons concerned object, for the purposes of carrying out its activity (in particular, sales and marketing operations). Such data may also be communicated to the competent authorities where required by law. TEMPORARY IMPORTATION Purchasers of lots marked with * must pay import VAT (5.5% of the hammer price, 20% for jewelry and watches, automobiles, wines and spirits, and multiples) in addition to the sale price. LEAVING FRENCH TERRITORY The removal of a lot from France may be subject to administrative authorization. Obtaining the relevant document is the sole responsibility of the purchaser of the lot covered by this provision. Delay or refusal by the authorities to issue exit documents will not justify cancellation of the sale, delay in payment or rescission. If our company is requested by the purchaser or his representative to make these exit requests, all costs incurred will be at the purchaser's expense. This operation will only be a service rendered by MILLON RIVIERA. EXPORT AFTER THE SALE VAT collected as part of the selling costs, or that collected as part of the temporary importation of the lot, may be reimbursed to the buyer within the legal time limits on presentation of the documents justifying the export of the lot purchased. PRE-EMPTION BY THE FRENCH STATE In certain cases defined by law, the French State has the right to pre-empt works sold at public auction. In such cases, the French State takes the place of the last bidder, provided that the declaration of pre-emption made by the State's representative in the auction room is confirmed within fifteen days of the sale. MILLON RIVIERA cannot be held responsible for any pre-emption decisions made by the French State. RESPONSIBILITY OF BIDDERS By bidding on a lot using any of the transmission methods proposed by MILLON RIVIERA, bidders assume personal responsibility for paying the hammer price of the lot, plus the hammer commission and any applicable duties or taxes. Bidders are deemed to be acting in their own name and for their own account, unless otherwise agreed prior to the sale and in writing with MILLON RIVIERA. Subject to the decision of the authorized auctioneer and provided that the final bid is greater than or equal to the reserve price, the last bidder will become the buyer, and the blow of the hammer and the pronouncement of the word "adjugé" will materialize the acceptance of the last bid and the formation of the sales contract between the seller and the buyer. In the event of a dispute by a third party, MILLON RIVIERA may hold the bidder solely responsible for the bid in question and its settlement. DEFAULT OF PAYMENT In accordance with article 14 of law no. 2000-6421 of July 10, 2000, in the event of non-payment by the successful bidder, after formal notice has been served without result, the property will be put back up for sale at the seller's request, on the basis of the unsolicited bid of the defaulting bidder; if the seller does not make this request within one month of the auction date, the sale will be cancelled ipso jure, without prejudice to any damages owed by the defaulting bidder. MILLON RIVIERA RESERVES THE RIGHT TO CLAIM FROM THE DEFAULTING BIDDER: - Interest at the legal rate - Reimbursement of additional costs incurred by the defaulting bidder, with a minimum of €250. - Payment of the hammer price or : * the difference between this price and the auction price in the event of resale if it is lower, as well as the costs generated for the new auctions. * the difference between this price and the hammer price in the event of an irresponsible bid, if the latter is lower, as well as the costs generated by the new bidding. MILLON also reserves the right to set off any sums owed by the defaulting buyer or to cash any deposit cheques if, within 2 months of the sale, the sales slips have still not been settled. COLLECTION, INSURANCE, STORAGE AND TRANSPORT MILLON RIVIERA will only hand over the lots sold to the buyer once the full price has been received. It is the buyer's responsibility to insure the lots as soon as they are sold, since from that moment on, the risks of loss, theft, damage or other are the buyer's sole responsibility. MILLON RIVIERA declines all responsibility for the damage itself or for the buyer's failure to insure against such damage. Buyers are advised to collect their lots promptly. COLLECTION OF PURCHASES Buyers may collect their lots, free of charge, up to 7 pm on the day of the sale and up to 10 am the following day in the auction room. Lots not collected within this time limit and not included in the detailed list below are to be collected, once payment has been received, at the Millon Riviera auction house, the day after the sale. Lots will be delivered to the buyer in person, or to a third party designated by the buyer and to whom he has given a power of attorney accompanied by a copy of his identity card. Export formalities (certificate applications for cultural objects, export licenses) are the responsibility of the buyer and may take 2 to 3 months. Winners are advised to collect their lots as soon as possible to avoid storage costs, which are at their expense and run from the day after the sale. The auctioneer and the expert are not liable in any way whatsoever for storage costs. As soon as the item has been sold, it will be the sole responsibility of the buyer, and S.A.S MILLON RIVIERA declines all responsibility for any damage the item may suffer. Purchases benefit from free storage for 60 days following the sale. After this period, removal, handling and disposal charges will be invoiced on removal from our premises, according to the following price scale: - Storage: €10 excl. tax per lot per week for storage over 1M3 €7 excl. tax per lot per week for storage under 1M3 €5 excl. tax per lot per week for storage that "fits in the palm of your hand" Long-term storage can be negotiated with our teams. No delivery or removal of lots can take place without full payment of the storage and delivery charges. SHIPMENT OF PURCHASES We inform our customers that MILLON RIVIERA does not assume responsibility for shipping goods. MILLON RIVIERA also reserves the right to consider that the fragility of a lot and/or its value require it to be handled by an outside service provider. The size of the lot will be determined by MILLON RIVIERA on a case-by-case basis (the examples given above are purely indicative). In any case, the shipment of a good is the exclusive financial responsibility of the buyer and will only be carried out upon receipt of a letter releasing MILLON RIVIERA from its responsibility in the future of the object shipped. MILLON RIVIERA is not responsible for handling and storage. MILLION RIVIERA is not responsible for transportation after the sale. If MILLION RIVIERA accepts to take care of transport on an exceptional basis, its responsibility cannot be called into question in the event of loss, theft or accidents, which remain the responsibility of the buyer. INTELLECTUAL PROPERTY RIGHTS The sale of a lot does not imply transfer of the reproduction or representation rights of which it may constitute the material support. PAYMENT OF THE TOTAL PRICE MILLON RIVIERA specifies and reminds you that the sale by public auction is for cash and that the successful bidder must immediately pay the full price of his purchase, regardless of whether he wishes to remove his lot from French territory (see "Removal from French territory"). Payment may be made as follows - in cash up to a maximum of 1,000 euros (French residents). - by bank or postal cheque, with proof of identity. - by Visa or Master Card on site - by bank transfer in euros to the following address: DOMICILIATION : CIC Lyonnaise de Banque IBAN: FR76 1009 6180 8500 0306 2490 209 BIC : CMCIFRPP Conditions de vente These general conditions of sale and everything pertaining to them are governed exclusively by French law. Buyers and their representatives accept that any legal action will be taken within the jurisdiction of French courts (Paris). The various provisions contained in these general conditions of sale are independent of each other. If any one of them is declared invalid, there is no effect on the validity of the others. The act of participating in this auction implies acceptance of all the conditions set out below by all buyers and their representatives. Payment is due immediately at the end of the sale, payable in euros. A currency conversion system may be provided during the sale. The corresponding foreign currency value bids made in the hall in euros is given for indication purposes only. DEFINITIONS AND GUARANTEES Descriptions appearing in the catalog are provided by Millon Riviera and the Sale Experts and are subject to corrections, notifications and declarations made at the moment the lot is presented and noted in the record of the sale. Dimensions, colours in reproductions and information on the condition of an object are given for information purposes only. All information relating to incidents, accidents, restoration and conservation measures relating to a lot is given, to facilitate inspection by the potential buyer and remains completely open to interpretation by the latter. This means that all lots are sold as seen at the moment the hammer falls, with any possible faults and imperfections. No claims will be accepted after the hammer has fallen, a pre-sale showing having provided potential buyers with an opportunity to examine the works presented. For lots appearing in the sale catalog, whose estimated low price is over 32,000, a condition report on their state of preservation will be issued free of charge upon request. The information contained therein is given purely as an indication and Millon Riviera and the Sale Experts can in no way be held liable for it. In the event of a dispute at the moment of sale, i.e. it is established that two or more buyers have simultaneously made an identical bid, either aloud or by signal and both claim the lot at the same time when the hammer falls, the lot will be resubmitted for auction at the price offered by the bidders and everyone present will be permitted to bid once again. Lots marked with ° contain specimens of ivory of Elephantidae, the specimens are dated prior to June1st, 1947 and therefore comply with the December 9th, 1996 rule in its art 2/W mc. For all exportation from the EU, a mandatory CITES form will be required. It is the responsibility of the future buyer to obtain this form. Lots preceded by a J will be the subject of a separate judicial legal record with the buyer's premium at 12%, or 14.14% including VAT (current rate of VAT 20%). TELEPHONE BIDDING The acceptance of telephone bids is a free of charge service provided by Millon Riviera. In this regard, our company accepts no liability for a break in the telephone connection, a failure to connect or a delayed connection. Although Millon Riviera is happy to accept requests for telephone bidding up until the end of the pre-sale show, it cannot be held liable for errors or omissions relating to telephone bidding orders. EXPENSES FOR WHICH THE BUYER IS RESPONSIBLE The buyer will pay MILLON RIVIERA in addition to the sale price or hammer price, a sales commission of: 24 % plus VAT or 28,8 % Current rate of VAT 20%. Total price = sale price (hammer price) + sales commission Right of delivery for auctions : 2€ TTC per lot These fees will not be charged if payment and withdrawal are made before 7pm CET on the day of the sale. TEMPORARY IMPORT Purchasers of lots marked with * must pay any duties and taxes in respect of a temporary importation in addition to sale expenses and VAT (5,5 % of the hammer price) 20% for jewelry and watches, motorcars, wines and spirits and multiples). EXPORT FROM FRANCE The export of a lot from France may require a licence. Obtaining the relevant document is thesole responsibility of the successful bidder. A delay or refusal by the authorities to issue an export licence is not a justification for cancellation of the sale, delayed payment or voiding of the transaction. If our company is requested by the buyer or his/her representative to make arrangements for export, all costs incurred will be for the account of the party making such a request. Such arrangements should be considered purely as a service offered by Millon Riviera. EXPORT FOLLOWING THE SALE The VAT paid as part of the sale expenses or the amount paid in connection with the temporary import of the lot, may be refunded to the buyer within the legally stipulated period upon presentation of documents proving that the lot purchased has been exported. PREEMPTION BY THE FRENCH STATE In certain circumstances defined in law, the French State has a right of pre- emption on works sold at public auction. In such a case, the French State substitutes for the highest bidder, on condition that the pre- emption order issued by the State's representative in the sale room is confirmed within fifteen days of the date of the sale. Millon Riviera cannot be held responsible for pre-emption orders issued by the French State. BIDDERS' LIABILITY By making a bid on a lot by any method of communication offered by Millon Riviera, bidders assume personal responsibility for paying the sale price plus the sales commission and any duties and taxes payable. Bidders are deemed to act in their own name and on their own behalf, unless otherwise agreed in writing prior to the sale with Millon Riviera. In the event of a dispute involving a third party, Millon Riviera may hold the bidder alone responsiblefor the bid in question and for payment. FAILURE TO MAKE PAYMENT In accordance with article 14 of law no. 2000- 6421 of 10 July 2000, upon failure of the buyer to make payment and there being no response to formal notice, the article is re-submitted for sale at the request of the seller and by reason of false bidding by the defaulting buyer; if the seller does not make such a request within one month from the date of the sale, the sale is automatically void, without prejudice to any damages payable by the defaulting buyer. MILLON RIVIERA RESERVES A RIGHT OF CLAIM AGAINST DEFAULTING BUYERS: - for interest at the legal rate - for the refund of additional costs arising from the default with a minimum of 250 euros. - for payment of the sale price or: - the difference between that price and the sale price in the event of a new sale, if the new price is lower, plus the costs incurred for the new auction. - the difference between that price and the false bid price, if it is lower, plus the costs incurred for the new auction. Millon Riviera also reserves the right to demand compensation for all sums due by the defaulting buyer or to bank security deposit cheques if, in the two months following the sale, invoices are still not settled. COLLECTION OF PURCHASES, INSURANCE, WAREHOUSING AND TRANSPORT Millon Riviera will only hand over lots sold to the buyer after cleared payment of the totalprice. It is the buyer's responsibility to insure lots immediately upon purchase, since, from that moment onwards, he/she alone is responsible for loss, theft, damage and other risks. Millon Riviera declines any liability for damage themselves or for the failure of the buyer to cover damage risks. Buyers are advised to collect their lots with a minimum of delay. PURCHASES WITHDRAWALS Buyers can come and collect the adjudged lots, free of charge, from 7pm on the evening of the sale,until 10 am the next morning. The lots which have not been withdrawn and which do not figure on the detailed list hereafter*, will have to be collected once the payment has been cashed at the Hotel Drouot the day following the auction sale.The lots will be delivered to the buyer in person or to a third party designed by him and to whom he will have given a proxy and a copy of his identity card. The exportation formalities (demands ofcertificates for a cultural good, exportation license) of the subjected lots are the buyer's responsibility and can require a delay from 2 to 3 months. It is recommended to the successful tenderers to proceed to a removal of their lots in the best delays as to avoid storing fees which are at their charge and run from the day following the sale. The storage does not entrain the expert's nor the auctioneer's responsibility in any way whatsoever. Once the auction is done, the object will be under the entire responsibility of the adjudicator. The S.A.S MILLION RIVIERA does not accept any responsibility for the damages which the object can undergo, and thus as soon as the auction is pronounced. The purchases benefit from a storage gratuity during 4 weeks following the sale. Past this delay, destocking, handling and availability fees will be invoiced during the withdrawal of the lots, according to the following rate grid: - Storage: 9 € HT per lot per week the first years 18 € HT per lot per week beyond the first year No shipping or removal of the lot will be possible without the complete settlement of the diposal and storage cost. SHIPPING OF THE PURCHASES We inform our clientele that MILLON RIVIERA does not handle the shipping of goods other than those of a small size (the examples hereafter are given for information purposes only): jewels, watches,books, earthenware objects, glassware and sculptures. Furthermore, MILLON RIVIERA retains the right to consider that the fragility and/or thevalue of a lotnecessitate the intervention of an exterior provider. The lot's size will be determined by MILLON RIVIERA on a case by case basis (theexamples above aregiven for information purposes only). At all events, the shipping of a good is at the exclusive financial charge of the buyer and willbe carriedout after reception of a letter which discharges Millon Riviera of all responsibility in the becoming ofthe shipped object. INTELLECTUAL PROPERTY The sale of a lot does not imply the transfer of reproduction or representation rights, where the lot constitutes the physical medium. PAYMENT IN FULL Millon Riviera states that cash payment is required for sales at public auction and that buyers must immediately pay the total purchase price, irrespective of any intention to export the lot from France (see "Export from France"). Payment may be made as follows: - in cash up to 1.000 euros (French residents) - by cheque or postal order upon the presentation of current proof of identity, - by Visa or Master Card on site - by bank transfer in euros to the following account DOMICILIATION : CIC Lyonnaise de Banque IBAN : FR76 1009 6180 8500 0306 2490 209 BIC : CMCIFRPP