UNIDENTIFIED [Russian School]. "Two Nude Women" (1967). Penc - Lot 413

Exhibition:

Wednesday, September 16, through Wednesday, September 23, from 10 a.m. to 6 p.m.

(closed on Sundays and Mondays).

Exhibition:

Wednesday, September 16, through Wednesday, September 23, from 10 a.m. to 6 p.m.

(Closed on Sundays and Mondays).

Sales commission: 27%

Drouot fees paid by the auction house.

Sales commission: 27%

Drouot fees are the responsibility of the auction house.

Purchase orders and condition reports: lesventes@voglaire.com

Pickup of your purchases in Brussels - Starting Tuesday, September 29

162 Ch. de Charleroi, 1040 Saint-Gilles

Pick up your purchases in Paris –Saturday, October 10

If you’re in Paris, you can pick up your purchase(s) onSaturday, October 10at the following address:

Hôtel Le Sénat

10 Rue de Vaugirard, 75006 Paris

Pickup hours: 3:00 PM to 6:00 PM

(shipping fees apply)

The sale will take place in the presence of a bailiff

Participation in the auction implies unconditional acceptance of the following terms and conditions of sale:

1. In order to participate in a sale, any bidder will have communicated to the srl “Les Ventes Damien Voglaire" for short "LVDV” his name, address, telephone number, e-mail, identity card or valid passport and bank details. The data received is not, unless legally required, transmitted to third parties.

2. The highest bidder - last bidder - will be the successful bidder. He will be obliged to pay the auction price of the lot in cash, plus 27% for costs, including VAT only if VAT applies to the margin in accordance with Article 58 §4 of the Belgian VAT Code.. In addition, a resale right of 4% will be levied on original works of art by living artists or artists who died less than 70 years ago, and this for auctions equal to or exceeding 2000 euros. The obligation to pay these fees remains in force even if the claim is made after the sale and removal of the lot, without any time limit. Obligation to pay these fees remain even if the claim is made after the sale and collection of the lot, without any time limit. LVDV will not intervene in any dispute concerning the validity or otherwise of the claim for resale rights.

3. LVDV reserves the right to refuse any bid, to proceed with any decision, to combine or withdraw lots without having to give reasons. The LVDV is free to refuse an auction, even after the end of the auction, without having to justify its decision.

4. The lots are displayed publicly before the sale, so that each amateur can see for himself the quality and defects of the lots and examine them. The information appearing in the catalogues, advertisements, brochures or any other written or oral mention emanating from LVDV, must be treated as simple information which does not engage its responsibility. It does not guarantee the accuracy of any statement regarding the author, origin, date, age, attribution, provenance, weight, dimensions, denomination or physical condition of the material of the lot. The absence of any mention of a restoration, accident or incident does not imply that the lot is in perfect condition or free of restoration, wear, crazing, lining, missing, defects or other imperfections present, past or repaired. Conversely, the mention of some defect does not imply the absence of other defects. Re-covering, parquetry or lining are considered as a conservatory measure and not as a defect. The colours of the works in the catalogue may differ due to the printing process. Batch works are not collated.

The buyer is irrefutably presumed to have been able to appreciate in person the good sold during the exhibition, even when he participates in the auction by a remote communication means or by leaving a written order. Lots may not be viewed or examined during the sale. No complaints or claims for defects in merchandise will be accepted after the award of the contract.

5. The prizes being the lots are sold in the state in which they are at the time of the sale, LVDV declines all responsibility for the consequences - whatever they may be - of any manipulation of the lot by the buyer himself or by a third party (e.g. unframing of a work, removal of mats) the lot by the buyer himself or by a third person (among other things, removal of a work, removal of a passe-partout, installation or removal of a binding, cleaning, restoration, unpacking...)

6. Any person who causes damage to a lot listed in the catalogue, to any other property or to any person, during the exhibition, the sale, the collection of the goods, or at any other time, shall make good the damage suffered. It shall also be responsible for any damage caused by any person, thing or animal for which it is responsible.

7. Purchase orders and biddings over the telephone is a complimentary service to the customer. LVDV takes the utmost care with this service and declines all responsibility in the event of technical or communication problems, errors or omissions in the execution of orders, as well as in the event of their non-execution. In case of equal bids, the oral bid has priority over the written bid and the digital bid. Written tenders are processed in the order in which they are received order of arrival; in the event of equal bids, the first bid received has priority over the others.

8. Any person wishing to participate in online auctions via the Drouot Live platform must read and accept, without reservation, the terms of use of this platform (available at https://https://drouotonline.com), which are independent of and in addition to these general terms of sale. LVDV can in no way be held responsible for technical or other problems encountered on the platform, whatever their consequences for online or indoor bidders.

9.The Bailiff in charge of the sale will decide, without appeal, any dispute that may arise concerning the bids during the sale.

10. The buyers are obliged to pay and to take delivery of the lots which have been adjudged to them within 15 working days following the auction. Between the adjudication and the aforementioned deadline, LVDV commits itself exclusively to keep the lots in good custody. After this period, LVDV reserves the right, without prior notice, to put back on sale the paid and not removed lots. Without prejudice to the prosecution of the defaulting buyer, the unpaid lots within the above mentioned period can be put back to the auction on irresponsible bidding as soon as LVDV will consider it appropriate. In this case, the buyer will be obliged to pay any price difference, as well as all costs and disbursements relating to the sales required to re offer the lot. He will not be able to claim any surplus.

11. Invoices and statements are payable in cash. Any sum not paid on the due date shall automatically and without prior notice bear interest at the rate of 1% per month. In addition, in the event of non-payment on the due date, the amounts due shall be increased by law by a fixed compensation of 15% by way of conventional damages, with a minimum of 150 euros and independently of the interest for late payment.

12. The successful bidder does not acquire ownership of the goods until full and final payment of the price and its accessories has been made. He can only take delivery when this payment has become final. However, the risks are fully transferred to the successful bidder from the moment of the award.

13. All successful bidders are deemed to have acted on their own behalf and are personally liable for payment of the lots awarded to them in whatever capacity. He shall pay the amount in euros or certified cheque before their removal and within the time limit set for this in article 8. In the event of payment by uncertified cheque, LVDV will have the right to defer the delivery of the auctions until the cheque is cashed. The items will remain at the buyer's risk of the buyer during this additional period. Cash payments are not accepted above EUR 2,999, within the limits provided by law.

14. The transport, storage, packing and handling of the items are at the sole expense and risk of the buyers.

15. In the event of a dispute, the courts of Brussels shall have exclusive jurisdiction.