STUDIO AVENTURES - Lot 4

Public exhibitions from November 9 to November 23

10 am - 6 pm , November 23 from 10 am to noon

174 rue du Faubourg Saint Honoré

75008 Paris

Sale expert : Daniel Perrez

Selling expenses :

In addition to the hammer price, the buyer is liable for a purchase commission of 25% (30% inc. VAT) of the hammer price up to €300,000, 23% (27.6% inc. VAT) from €3,000,000 up to €2,000,000 and 15% (18% inc. VAT) on the portion above €2,000,001.

Registration and information contact:

Remi Lambert : remi@arp-auction.com

Pierre Born : pierre@arp-auction.com

Authorized auctioneers :

Frederic Delobeau

Pierre Born

CONDITIONS OF PURCHASE

« ART RESEARCH PARIS » et « ARP-AUCTION » are registered trademarks owned by ART RESEARCH PARIS SAS, a simplified joint stock company with a share capital of 30 000€, declared to the french Conseil des ventes aux enchères publiques under the n° and whose head office is located at 68 rue Pergolèse 75116 PARIS - RCS PARIS n°ART RESEARCH PARIS SAS is a voluntary auction sales operator regulated by the law articles L. 321-4 and following of the Code de Commerce. ART RESEARCH PARIS SAS is bound by the Recueil des obligations déontologiques des opérateurs de ventes volontaires de meubles aux enchères publiques, which has regulatory value since the February 21, 2012 decree. In such capacity, ART RESEARCH PARIS SAS usually acts as the agent of the seller, who contracts with the buyer. The relationships between ART RESEARCH PARIS SAS and any bidder are subject to the present general conditions of purchase, which may be amended by saleroom notices or oral indications before the sale, which will be recorded in the official auction sale record. The present French version of the general terms and conditions of purchase is the only authentic one. The other language versions are given for information purposes only.

1 - DEFINITIONS – SYMBOLES "Buyer" refers to the Bidder (or, if applicable, his client, whose identity is known), who has made the highest bid accepted by the auctioneer. "Consumer" refers to any natural person residing in the European Union who is the successful Buyer of a Lot and whose purchase does not fall within the scope of his commercial, industrial, craft or liberal activity. "Bidder" means any person, natural or legal, who considers, attempts to make or makes a bid, by any means whatsoever, including the Buyer. "Lot" means any item placed and/or offered at the Auction. "Absentee bid": a bidder who cannot attend the Sale may ask the Voluntary Sales Operator to execute a purchase order for one or more lots by setting the maximum purchase price. It constitutes a firm commitment to buy made by the bidder. "Telephone bid": a bidder who cannot attend the sale may ask the Voluntary Sales Operator to execute a telephone order. ART RESEARCH PARIS SAS will take all necessary diligences to reach the bidder by telephone during the sale, when the lots he has mentioned are submitted to the auction, so that he can bid on them. ART RESEARCH PARIS SAS will not be held responsible, in particular if the telephone connection is not established, is established latety, or in case of error or omission relative to the reception of the bids by telephone. "Professional" refers to any natural or legal person who takes part in an Auction as part of his or her commercial, industrial, craft or liberal activity. "Live Auction" refers to an auction broadcasted on the Internet in real time, allowing bidders to bid remotely during the sale. The auctioneer follows, via a control screen or through a cyber-clerk, the bids made on the Internet. "Online Auction" refers to an auction that is entirely dematerialized, carried out exclusively by electronic means, on a dedicated platform. It is a sale in determined time and not in real time. ƒ Lot temporarily imported within the European Union (5.5%) ƒƒ Lot temporarily imported within the European Union (20%) Lot on which ART RESEARCH PARIS SAS has a direct financial interest, generally due to a minimum price guarantee granted by ART RESEARCH PARIS or by ART RESEARCH PARIS and a third party to the seller Δ Lot on which ART RESEARCH PARIS SAS has an economic interest, generally equivalent to a property right ¤ Lot submitted to the right of resale at the buyer’s expense. # Lot requiring a deposit to be able to bid § Lot belonging to a shareholder, a collaborator or an expert of ART RESEARCH PARIS SAS ~ Lot made in whole or in part of protected species and/or whose trade is regulated. The symbol or absence of a symbol does not guarantee that there are no restrictions on the import or export of this lot

2 - GUARANTEES 2.1 Guarantees given by the seller The seller guarantees to ART RESEARCH PARIS SAS and to the buyer that he is the undisputed owner of the lots offered for auction, which are not subject to any claim, demand, dispute or seizure, nor any reservation or pledge, and that he has the capacity to transfer the ownership of these goods validly. The seller guarantees that the goods follow French and international customs regulations and that these goods are in regular situation on French territory, including that the necessary declarations and administrative procedures for import or export have been duly made and the taxes due duly paid. The seller also guarantees that the lot deposited is not linked to any criminal activity and that it is not under investigation, indicted or convicted of, tax evasion, money laundering, terrorist activities or other criminal activities. The seller guarantees that any electrical or mechanical part of a lot offered for auction is safe when used for the purpose for which it is intended and is free from any non-visible defect, not detectable by external examination, that could be dangerous to human life or health. 2.2 Guarantees given by buyers and bidders The bidders guarantee to ART RESEARCH PARIS SAS that they have the capacity to bid. They guarantee that they are not subject to commercial sanctions, or any other restrictive measures in their country nor are they intended by such sanctions in French, European Union and international law. For legal entities, they guarantee that they are not owned, even partially, nor controlled by one or more persons subject to such sanctions. They also guarantee that the funds used for the purchase of the lots do not come from a criminal or delinquent activity, and that they are not under investigation and that the goods purchased will not be used for such purposes. ART RESEARCH PARIS SAS reserves the right to verify the origin of the funds received and to inquire about any person transacting with them, as well as to withhold the lot or the proceeds of the sale, or even to cancel the sale, until such verifications have been made. 2.3 Catalogue and descriptions 2.3.1 Descriptions : The detailed descriptions in the catalog are established by ART RESEARCH PARIS SAS and the expert, who assists them if necessary, with all the diligence required by an operator of voluntary sales, subject to the notifications, declarations, rectifications, which may be announced verbally at the time of the presentation of the object and which will be recorded in the official auction sale record. The descriptions are written in accordance with the directives of the decree n°81-255 of March 3, ° ARP - Joailliers Designers - 10 Févrieron the repression of frauds in the field of transactions of works of art and collection objects, according to the artistic and scientific knowledge at the date of the sale. The frames condition is not guaranteed. The colors of the lots reproduced in the catalog, on the website of ART RESEARCH PARIS SAS or on partner platforms may differ from reality. The descriptions in other languages and the dimensions in inches are only given as an indication and cannot be the cause of a complaint. In case of dispute on the authenticity or the origin of the sold objects, ART RESEARCH PARIS SAS is held by an obligation of means, implying all the diligences which are possible to him at the time of the auction. Its responsibility could be engaged only on the express condition that a personal fault is proved or demonstrated against them. The photographs in the catalogs are intended solely for the identification of the lots. They have not a contractual value, unless otherwise stated. ART RESEARCH PARIS SAS does not guarantee the functioning or the safety of mechanical or electrical objects before the sale, this responsibility being incumbent upon the potential bidders. 2.3.2 Estimate : Estimates are provided for information purposes only and cannot be considered as a guarantee that the item will be sold at the estimated price or within the estimate range, regarding the free play of auctions. The estimate may not be lower than the reserve price, which may be modified up to the moment of the auction. Estimates could be given in several currencies as an indication. The rounding of these conversions may lead to a slight modification of the legal rounding. 2.4 Condition reports : For lots with a low estimate higher than €1,000, a condition report on the general condition of the lots may be provided on request before the sale, up to 24 hours before the start of the auction. This is a complementary service offered by ART RESEARCH PARIS SAS, which is not obliged to provide. Lots are sold in the condition in which they are at the time of the sale. No request for a condition report will be accepted once the selling has been pronounced. Potential buyers are being invited to examine the goods physically at a public exhibition, or by appointment, or to request a condition report, prior to the sale.

3 - REGISTRATION FOR AUCTION Within the framework of its auction activities, ART RESEARCH PARIS SAS is led to collect personal data concerning its customers. The clients concerned have a right of access, rectification and opposition on their personal data by contacting directly our auction house. ART RESEARCH PARIS SAS may use this personal data in order to meet its legal obligations and, unless the clients object, for the purposes of its activity (in particular commercial and marketing operations). This data may also be communicated to the competent authorities when required by law. 3.1 Bid office To ensure the running organization of the auctions, potential bidders are invited to make themselves known before the auction to the bid registration service of ART RESEARCH PARIS SAS, in order to allow the registration of their personal data (an identity paper and a bank statement, or any other bank document allowing the verification of their identity, will be requested) : bids@arp-auction.com. ART RESEARCH PARIS SAS retains the right to forbid the access to the auction room or to the online platforms to any potential buyer, for justified reasons, without hindering the free play of the auction. ART RESEARCH PARIS SAS will be authorized to reproduce on the auction record and on the auction invoice, the information provided by the successful bidder before the auction. Any false indication will engage the responsibility of the successful bidder. In the case that the successful bidder has not made himself known to our registration bidding services before the auction, he must provide the necessary information to the cashier's office as soon as the lot has been awarded. Any person who has registered with ART RESEARCH PARIS SAS has the right to access and rectify any personal data provided to ART RESEARCH PARIS SAS. This information will be kept for a period of five years following the sale. If necessary, the company can ask for a funds deposit before the auction. In the case of a successful bid, this deposit will be deducted from the balance of the auction invoice. Otherwise, the funds will be returned within 48 working hours by the same means of payment and to the original depositor. All bidders are acting on their own behalf, unless the company have been informed in advance that they are acting as an agent on behalf of a third party, accepted by ART RESEARCH PARIS SAS. The auction awarding leads to the immediate transfer of ownership. Any person who bids undertakes himself to pay personally and immediately the hammer price increased by the buyer’s premium and any taxes that may be due. All lots awarded will be invoiced to the name and address in which the bidder has been registered and cannot be transferred to other names and addresses once the hammer has fallen. 3.1.1 Auction room bids : The usual way to bid consists in attending the sale on the premises. Each potential buyer will be able to be present to bid in the auction room when the auction mode, or the conditions allow it. Auction room bids will have priority over remote auctions. 3.1.2 Telephone bids : However, ART RESEARCH PARIS SAS may graciously accept to receive some bids by telephone from a potential buyer who has expressed such a request 24 hours before the auction, with an identity paper and bank document allowing the verification of their identity. This is a service offered by the company which cannot be understood as an obligation of result from them. ART RESEARCH PARIS SAS will not be charge with liability nor responsability whatsoever, notably if the telephone contact is not made, or if it is made too late, or in case of mistakes or omissions relating to the reception of the telephone. For variety of purposes, ART RESEARCH PARIS SAS reserves its right to record all the telephone communications during the auction. Such records shall be kept until the complete payment of the auction price, except claims. No telephone bids request will be accepted for lots with an estimate within €500. 3.1.3 Absentee : bids : ART RESEARCH PARIS SAS may graciously accept to execute absentee bids which will have been submitted at least 24 hours before the sale with an identity paper of the potential bidder and bank document allowing the verification of their identity. If ART RESEARCH PARIS SAS receive several absentee bids with the same amounts, the priority will be given to the first absentee bid received. ART RESEARCH PARIS SAS has no obligation to inform its clients of the confidential purchase orders previously registered. ART RESEARCH PARIS SAS will bear no liability nor responsibility in case of mistakes or omission of performance of the absentee bids. This is a service offered by the company which cannot be understood as an obligation of result from them. 3.1.4 Bids on behalf of an identified third party : All bidders are deemed to be acting on their own behalf. However, they may inform ART RESEARCH PARIS SAS before the auction of their mandate to bid on behalf of a third identified party. ART RESEARCH PARIS SAS reserves the right to accept or refuse the mandate. 3.1.5 External auction platforms bids : ART RESEARCH PARIS SAS could broadcast its auction sales on external dedicated platforms. ART RESEARCH PARIS SAS cannot be held responsible in case of external platforms malfunction. The interruption of an auction platform service during an auction does not necessarily justify the interruption of the auction by the auctioneer. Each platform applies a selling fee for its service. The fees are proportional to the amount awarded, which could be different from one platform to another. This amount will be invoiced to the buyer, including all taxes, in addition to the hammer price and the premium buyer, and then will be paid to the platform used by the buyer.

4 - EXECUTION OF THE AUCTION 4.1 Conduct and incidents of the auction : The auction is made in cash payment and executed in €uros. ART RESEARCH PARIS SAS reserves the right to suspend, postpone or cancel the auction partly or fully. ART RESEARCH PARIS SAS also reserves the right to withdraw a lot from a sale at any time if there are doubts about its authenticity, its provenance or any other justified reason. ART RESEARCH PARIS SAS and its auctioneer are the only presidents and directors of the auction. The auctioneer decides on the starting price and the bidding steps. The auctioneer is free to set the order of bidding progression and bidders are required to comply. The auctioneer will conduct the sale in a discretionary manner, ensuring freedom of bidding and equality between all bidders, in accordance with established practices. The auctioneer reserves the right to refuse any bid, to designate the winning bidder at the highest bidder's price unless otherwise decided and justified. The auctioneer reserves the right to postpone or move some lots, to continue or cancel the sale, to group or divide lots or to put the lot back up for the auction. If a reserve price has been stipulated by the seller, ART RESEARCH PARIS SAS reserves the right to bid on behalf of the seller until the reserve price is reached. If, however, the highest bid is not equal to or higher than the reserve price, possibly stipulated, the lot will not be awarded to the highest bidder and will be withdrawn from the sale. The seller will not be allowed to bid himself directly or through an agent. The reserve price may not be higher than the low estimate for the lot printed in the catalogue or publicly modified before the auction. The hammer stroke marks the end of the bidding and the pronouncement by the auctioneer of the word "adjugé", or any other equivalent, leads to the formation of the purchase contract and the immediate transfer 152 ARP - Joailliers Designers - 10 Février 2022 of ownership and risks between the seller and the designated last successful bidder. If, two or more persons have made identical bids by voice, gesture or telephone and claim the benefit of the auction at the same time, the auctioneer retains the right to immediately put the lot back up for sale at the last price proposed by the bidders. Everyone will be able to participate in these new auctions. In case of a presentation error of a lot during the sale, in the auction room or on the internet, different from the one on which the bids are opened, ART RESEARCH PARIS SAS could not engage its responsibility. The auctioneer will be the sole judge of the necessity to restart the auction. All lots awarded will be invoiced to the name and address in which the bidder has been registered and cannot be transferred to other names and addresses once the hammer has fallen. To facilitate the price calculations of potential buyers, ART RESEARCH PARIS SAS may use a currency conversion system as an indication. Nevertheless, bids cannot be made in foreign currencies, and ART RESEARCH PARIS cannot be held responsible for conversion errors. 4.2 Buyer’s premium : Payment of the lot will be made cash, for the whole price, costs, premium and taxes, even if an export license is required. In addition to the hammer price, the successful bidder will be required to pay the following commissions and taxes per lot and per sliding scale: • Lots from the EU - From 1 to 300,000 euros: 25% before tax, i.e. 30% VAT included (except for reduced VAT for books, i.e. 26.375 VAT included). - From 300,001 to 2,000,000 euros: 23% before tax, i.e. 27,6% VAT included. - Over 2,000,001 euros: 15% before tax, i.e. 18% VAT included. • Lots from outside the EU: (indicated by an f or f f) To the commissions and taxes indicated above, import fees must be added (5.5% of the hammer price (f) or 20% for jewelry and watches, motorcars, wines and spirits, industrial objects, books and multiples (f f)). The auction invoice will be issued without any mention of recoverable VAT. However, VAT on commissions and import costs may be refunded to the successful bidder on presentation of proof of export from the European Union, established and transmitted by a forwarding agent approved by the French Customs. The successful bidder, residing outside the national territory who can prove an intra-community VAT number and a document proving the delivery in his member state will be able to obtain a refund of the VAT on commissions. 4.3 Payment : Payment of the lot will be made cash, for the whole price, costs, premium and taxes, even if an export license is required. The buyer can pay with the following means : 4.3.1 In cash : By auction sale and by invoice, except for jewelry and precious metals auctions: - Up to €1 000, costs, premium and taxes included, for French citizens and professionnal people acting on behalf of a company, on presentation of their identity paper and for any company, a Kbis dated less than 3 months, - Up to €15 000 euros, costs, premium and taxes included, for foreign citizens on presentation of their identity papers ; up to €10 000, - 15 000€ frais et taxes compris pour les résidents fiscaux à l’étranger sur présentation de leurs papiers d’identité ; au-delà de 10 000 euros, it will also be necessary to present the customs declaration of cash (DALIA declaration) or a proof of cash withdrawal in France. If the successful bidder in a precious metals and jewelry auction is a professional, payment must be made by crossed check or wire transfer ; payment in cash will not be accepted. 4.3.2 Checks: - By check issued by French bank on presentation of identity paper and, for any company, a KBis dated less than 3 months. The payment could not be made by a check issued by a foreign bank. 4.3.3 Credit card : By credit card. The payment by AMEX won’t be accepted. 4.3.4 Bank transfer; By bank transfer with the exact invoice amount from the buyer bank account and the invoice number mentioned. Bank fees from the buyer won’t be charge to ART RESEARCH PARIS SAS. 4.3.5 Online payment : The remote payment can only be made by credit card on our secure bank site [SITE LINK], except for holders of an American credit card, which unfortunately cannot be accepted. Purchasers with an American bank account will be invited to pay by any other means, bank transfer being preferred. Split payments are not allowed. https://www.arp-auction.com/paiement-en-ligne 4.4 « Folle enchère » or payment failure procedure : If the successful bidder fails to pay his invoice, after formal notice to pay send by ART RESEARCH PARIS to the buyer, remained unsuccessful, the lot is put back up for auction at the seller’s request on the reiteration of the bids procedure provided by article L. 321-14 of the Code de commerce. If the seller does not make this request within three months from the auction, the sale is automatically cancelled, without prejudice to any damages due by the defaulting buyer. In addition, ART RESEARCH PARIS SAS reserves the right to claim from the defaulting buyer, at their choice : - Interest at the legal rate increased by 5 points - The reimbursement of additional costs generated by buyer’s failure - The payment of the difference between the initial hammer price and the hammer price on re-bidding if it is inferior, as well as the costs generated by the new auction. ART RESEARCH PARIS SAS will also be able to proceed to any compensation with sums due to the defaulting buyer. Finally, ART RESEARCH PARIS SAS reserves the right to exclude from its future auctions, any bidder who will have been in default or who will not have respected the present general conditions of purchase. 4.5 Case of fully dematerialized sales, called Online auction : In the case of fully dematerialized auction, known as Online auction, where the sales contract is carried out remotely, if the successful bidder of a lot is a private individual considered as a consumer in the sense of the Code de la consommation and the seller is a professional, the buyer-consumer has a period of fourteen days to exercise his right of withdrawal, without having to justify his decision. It will be necessary for the consumer to notify his request by writing to ART RESEARCH PARIS SAS before the expiration of the withdrawal period and to return the lot to ART RESEARCH PARIS SAS, in the state in which it was at the time of the sale, within fourteen calendar days following the notification of his cancellation request. The refund of the purchase price (auction and buyer's fees) will take place within fourteen days of receipt of the lot. If the lot has been damaged or is no longer in the condition it was in at the time of the sale, ART RESEARCH PARIS may reduce the amount of the refund. The return costs, as well as the rights and taxes eventually due are at the charge of the consumer.

5 - DELIVERY, STORAGE AND INSURANCE OF LOTS 5.1 Ownership and risks transfer : The auction awarding involves the immediate transfer of the lot ownership. It also transfers the lot risks to the successful bidder. It is the responsibility of the buyer to take all the necessary measures to insure his purchase and to remove them as soon as possible. ART RESEARCH PARIS SAS cannot be held responsible in case of theft, loss or deterioration of the purchased item after the adjudication. 5.2 Delivery: All paid purchase could be removed upon 24 hours after the auction in our warehouse: - Office : 174 rue du Faubourg Saint-Honoré 75008 PARIS - Warehouse : 233, avenue Jean Moulin 80000 Amiens. No payment will be accepted directly at the warehouse. No lot will be delivered to the buyer until full payment has been made. In case of payment by an ordinary check or bank transfer, payment will be deemed made only when it will have been cashed out. Lots will be delivered to the buyer himself or to the third party he will have mandated and to whom he will have given an original proxy and a copy of his identity card. 5.3 Storage fees : Unless writing expressly agreed with ART RESEARCH PARIS SAS, the lots purchased must be collected by the buyer within 14 days from the sale. Failing this, storage costs will be charged to the buyer. After this period, the acquired lots stored in the warehouse, will be subject to a storage fee of €10 per calendar day and per lot. Management and handling fees will also be charged. The risks related to the storage of these lots are the sole responsibility of the buyer. If, one year after the sale, following two formal notices, the buyer persists in not removing his goods, ART RESEARCH PARIS SAS reserves the right to seize the competent jurisdiction in order to have these goods sold by the competent ministerial officer in return for the debt of the storage fees. ARP - Joailliers Designers - 10 FévrierShipping : For any indication of shipping company: shipping@arp-auction.com ART RESEARCH PARIS SAS does not have an internal shipping service and cannot be held responsible for external shipping service providers that may be indicated at the request of the buyer. The shipping of the lots as well as all the formalities will have to be carried out under the sole responsibility of the buyer.

6 - GOODS SUBJECTS TO SPECIFIC LEGISLATION The Convention on International Trade of Endangered Species, of March 3, 1973, known as the Washington Convention, governs the protection of specimens and species of wild fauna and flora threatened by extinction. The transposition of this regulation is specific to each country and its application differs from one country to another. The potential buyer has to check about the legislation applied in the country of destination before the auction. There can be no cancellation of the sale or payment delay on the sole grounds that the import of the lot into the destination country of buyer's choice is impossible. ART RESEARCH PARIS SAS declines all responsibility if the buyer cannot import the lot acquired in the country of his choice. The same is true if the buyer intentionally produces false information at the time of delivery as to its destination. The buyer mandates ART RESEARCH PARIS SAS to make on his behalf the declaration provided for in article 2 bis of the decree of August 16, 2016 relating to the prohibition of trade in elephant ivory and rhinoceros horn. Any lot containing a protected item (ivory, rosewood, rhinoceros horn, tortoiseshell...) regardless of its date of execution or certificate of origin, will not be allowed to be imported into the United States, according to the legislation that applies there.

7 - PRE-EMPTION OF THE FRENCH STATE The French State has a legal right of pre-emption of works sold in auction in accordance with the French law. This right could takes place : - In the case of a physical auction sale: immediately after the hammer stroke, the representative of the State expresses his wish to substitute for the designated last bidder. - In the case of a dematerialized Online auction sale, entirely online: within four hours of receiving the result of the auction. The French State must confirm its pre-emption within 15 days and will be subrogated to the last bidder. Otherwise, if it renounces, the property will revert to the original last bidder who will have to pay the price. ART RESEARCH PARIS SAS cannot be held responsible for the conditions of the pre-emption by the French State.

8 - INTELLECTUAL PROPERTY RIGHT ART RESEARCH PARIS SAS is the sole owner of the reproduction right of its catalog. Any reproduction of it is forbidden without authorization and constitutes a harmful counterfeiting. In agreement with its service providers, ART RESEARCH PARIS SAS has a waiver allowing it to reproduce in its catalog

Conditions générales de vente (EN)

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