Unless indicated by a box (□), all lots in this catalogue are offered subject to a reserve. A reserve is the confidential minimum hammer price at which a lot will be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot. If any lots in the catalogue are offered without reserve, such lots will be designated by a box (□). If every lot in a catalogue is offered without a reserve, the Conditions of Business for Buyers will so state and this symbol will not be used for each lot.

○ Guaranteed Property

The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s or jointly by Sotheby’s and a third party. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Sotheby’s may provide an irrevocable bid, or otherwise bid, on the guaranteed property. If this auction has a printed catalogue, a PDF catalogue or both and the guaranteed property symbol for a lot is not included in such catalogue or if there is no printed catalogue or PDF catalogue and the guaranteed property symbol for a lot is not included at the time the digital catalogue is initially available for viewing, then Sotheby’s will notify bidders that there is a guarantee on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the guaranteed property symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot.

⋑ Irrevocable Bids

Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, may be compensated for providing the irrevocable bid by receiving a contingent fee, a fixed fee or both. From time to time, a Sotheby’s shareholder may be an irrevocable bidder. If the irrevocable bidder is the successful bidder, any contingent fee, fixed fee or both (as applicable) for providing the irrevocable bid may be netted against the irrevocable bidder’s obligation to pay the full purchase price for the lot. From time to time, Sotheby’s may enter into irrevocable bid agreements that cover multiple lots. In such instances, the compensation Sotheby’s will pay the irrevocable bidder is allocated to the lots for which the irrevocable bidder is not the successful purchaser. Under such circumstances, the total compensation to the irrevocable bidder will not exceed the total buyer’s premium and other amounts paid to Sotheby’s in respect of any lots for which the

irrevocable bidder is not the successful bidder. If this auction has a printed catalogue, a PDF catalogue or both and the irrevocable bid is not secured until after such catalogue is finalized or if there is no printed catalogue or PDF catalogue and the irrevocable bid is not secured until after the digital catalogue is initially available for viewing, then Sotheby’s will notify bidders that there is an irrevocable bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the irrevocable bid symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is an irrevocable bid on the lot. From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. In addition, from time to time, an irrevocable bidder may have knowledge of the amount of a guarantee. If the irrevocable bidder is advising anyone with respect to the lot, Sotheby’s requires the irrevocable bidder to disclose his or her financial interest in the lot. If an agent is advising you or bidding on your behalf with respect to a lot identified as being subject to an irrevocable bid, you should request that the agent disclose whether or not he or she has a financial interest in the lot.

⊻ Interested Parties

Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneficiary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full buyer’s premium and overhead premium. In certain instances, interested parties may have knowledge of the reserve. If this auction has a printed catalogue, a PDF catalogue or both and the interested party’s possible participation in the sale Is not known until after such catalogue is finalized or if there is no printed catalogue or PDF catalogue and the interested party’s possible participation in the sale Is not known until after the digital catalogue is initially available for viewing, then Sotheby’s will notify bidders that an interested party may bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the interested parties symbol, a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that an interested party may bid on the lot.

◉ Restricted Materials

Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export.

The information is made available for the convenience of bidders and the absence of the symbol is not a warranty that there are no restrictions regarding import or export of the Lot. Please also refer to the section on Endangered Species in this Guide and the Conditions of Business for Buyers. A buyer’s inability to export or import any lots with this symbol cannot justify a delay in payment or a sale’s cancellation.

Π Monumental

Lots with this symbol may, in our opinion, require special handling or shipping services due to size or other physical considerations. Bidders are advised to inspect the lot and to contact Sotheby’s prior to the sale to discuss any specific shipping requirements.

✧ Premium Lot

In order to bid on “Premium Lots” (in print catalogue or ✧ in the lot’s specific webpage) you may be required to complete a Premium Lot pre-registration application. You must arrange for Sotheby’s to receive your pre-registration application at least three working days before the sale. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. Sotheby’s decision whether to accept any pre-registration application shall be final. If all lots in the catalogue are “Premium Lots”, a Special Notice will be included to this effect and this symbol will not be used.

⊖ US Import Tariff

Please note that this lot is subject to an import tariff. The amount of the import tariff due is a percentage of the value declared upon entry into the United States.

The amount of the import tariff is not based on the final hammer price. The buyer should contact Sotheby’s prior to the sale to determine the amount of the import tariff. If the buyer instructs Sotheby’s to arrange shipping of the lot to a foreign address, the buyer will not be required to pay the import tariff. If the buyer instructs Sotheby’s to arrange shipping of the lot to a domestic address, or if the buyer collects the property in person, or if the buyer arranges their own shipping (whether domestically or internationally), the buyer will be required to pay the import tariff. The import tariff is included in the purchase price and, where applicable, sales tax will be added to the purchase price as per our Sales and Use Tax section.

⊕ Property Subject to the Artist’s Resale Right

Purchase of lots marked with this symbol (⊕) will be subject to payment of the Artist’s Resale Right, at a percentage of the hammer price calculated as follows:

Value	Royalty Rate
From 0 to 50,000€	4%
From 50,000.01 to 200,000€	3%
From 200,000.01 to 350,000€	1%
From 350,000.01 to 500,000€	0.5%
Exceeding 500,000€	0.25%

The Artist’s Resale Right payable will be the aggregate of the amounts payable under the above rate bands, subject to a maximum royalty payable of 12,500 euros for any single work each time it is sold. The maximum royalty payable of 12,500 euros applies to works sold for 2 million euros and above. Calculation of the artist’s resale right will be based on the pound sterling / Euro reference exchange rate quoted on the date of the sale by the European Central Bank.

➿Cryptocurrency Payments

We will accept cryptocurrency as payment for lots with this symbol, within the parameters specified in the Conditions of Business for Buyers (or where applicable, in the Conditions of Sale and Additional Conditions of Sale for Payment by Cryptocurrency) applicable to the sale and only on the terms and conditions set out therein as of the date of the sale. Please review those terms and conditions if you are interested in paying in cryptocurrency and contact Post Sale Services for more information.

¤ Financing Eligible

Lots with this symbol indicate that financing of up to 50% of the lot’s low auction estimate is available for eligible borrowers through Sotheby’s Financial Services.

More information is available at sothebys.com/bidnowpaylater or by speaking to your Sotheby’s Relationship Manager.

❖ National Heritage Lot

Lots with this symbol are part of the National Heritage of Mexico and cannot be permanently exported from Mexico. Accordingly, the lot will be offered for sale in New York but will not be available in New York for inspection or delivery. The lot will be released to the buyer in Mexico in compliance with all local requirements.

Prospective buyers may contact Sotheby’s representatives in Mexico City and Monterrey at sothebys.mexico@sothebys.com for an appointment to view the work.

W- London: property stored/to be collected from Sotheby's Greenford Park

Please note that property can only be released once payment has been received in full and cleared funds and the Sotheby’s Post Sale Services team in New Bond Street will need to prepare a release note prior to you collecting. If you are sending your own authorised agent to collect property from Sotheby’s on your behalf, please provide a letter of authorisation, a copy of your paid invoice and photographic ID or a completed release of liability form (provided by Sotheby’s Post Sale Services).

W- Cologne: property stored/to be collected from Tandem Lagerhaus, Frechen

Please note that property can only be released once payment has been received in full and cleared funds and the Sotheby’s Post Sale Services team will need to prepare a release note prior to you collecting. If you are sending your own authorised agent to collect property from Sotheby’s on your behalf, please provide a letter of authorisation, a copy of your paid invoice and photographic ID or a completed release of liability form (provided by Sotheby’s Post Sale Services).

Tandem Lagerhaus und Kraftverkehr Kunst GmbH

Geschäftsführer: Klaus Hillmann

Alfred-Nobel-Straße 17, 50226 Frechen

Tel. + 49 2234 - 955 880

Opening Hours: Monday to Friday 8.30am to 4.30pm

Unfortunately, lots will not be available for collection at our offices in Cologne, unless otherwise stated on your invoice. Please see the Conditions of Business for Buyers (Online Only) for further details.

♦ Wines and spirits offered in bond available duty paid

Lots marked ♦ are in bond, available duty paid. Please refer to the section entitled ‘VAT and Other Tax Information’ for further information on such lots.

♢Wines and spirits offered in bond only

Lots marked ♢ are sold in bond only. Please refer to the section entitled ‘VAT and Other Tax Information’ for further information on such lots.

± Temporary artistic importation licence

This lot has been imported under temporary artistic importation licence.

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Guide for Buyers | Symbol Key

□ No Reserves