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 by Sotheby’s a minimum price from one auction or a series of auctions, regardless of the outcome of the auction(s). Sotheby’s has a direct financial interest in the outcome of the sale of such lots. Sotheby’s identifies the lots it has guaranteed with the guarantee symbol ("○") on the lot webpage, a notice on the webpage for the auction and/or by making a saleroom announcement.

⋑ Irrevocable Bids

Lots with this symbol indicate that a party (an “IBer”) has provided Sotheby’s with an irrevocable bid (an “IB”) on the lot that will be executed during the sale at a value that ensures that the lot will sell. If there are no higher bids from third parties on the lot, the IBer will purchase the lot at the level of their IB; if there are other higher bids, the IBer may, but is not required to, bid more than the IB. Sotheby’s may, where legally permissible, compensate the IBer with a fee for providing the IB, which, if they are the successful bidder, will be netted against the purchase price they are obligated to pay for the lot. The purchase price for the lot will be reported net of the fee. Sotheby’s identifies the lots for which there is an IB with the IB symbol (“⋑”) on the lot webpage, a notice on the webpage for the auction and/or by making a saleroom announcement. If the IBer is advising or acting on behalf of a bidder as agent, Sotheby’s requires the IBer to disclose to such bidder their 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 IB, you should request that the agent disclose whether they have a financial interest in the lot.

⊻ Interested Parties

Lots with this symbol indicate that an interested party may be bidding on the lot, including any party (i) with a direct or indirect financial interest in the Lot, such as the beneficiary of an estate selling the Lot or the joint owner of a Lot, or (ii) who has worked in connection with the sale of the Lot. If the interested party is the successful bidder, they will be required to pay the full buyer’s premium and, where applicable, overhead premium. In certain instances, interested parties may have knowledge of the reserve. Sotheby’s identifies the lots for which an interested party may bid with the interested parties symbol (“⊻”) on the lot webpage, a notice on the webpage for the auction and/or by making a saleroom announcement.

◉ 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 (ARR)

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 (of the local currency) 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 €/£ for any single work each time it is sold. The maximum royalty payable of 12,500 €/£ applies to works sold for 2 million €/£ and above.

➿ 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 (sothebys.mexico@sothebys.com) for an appointment to view the work.

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

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 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 collect from Tandem Lagerhaus, Frechen

Property can only be released once payment has been received in full and the Sotheby’s Post Sale Services team will need to prepare a release note prior to your collecting. If you are sending your own 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

Phone: + 49 2234 955 880

Hours: Monday to Friday, 8:30 AM to 4:30 PM

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 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 license

This lot has been imported under temporary artistic importation license.

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Guide for Buyers | Symbol Key

□ No Reserves