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Page 1: SALE 105, MODERN, POST WAR and CONTEMPORARY
Page 2: SALE 105, MODERN, POST WAR and CONTEMPORARY
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BUYER'S GUIDE CATALOGSBefore each auction we publish illustrated catalogs. Our catalogues provides illustrations, descriptions and estimated values for each "lot". A lot may refer to a single item or to a group of items auctioned together. The catalogues also include the dates and the times for previews and auctions. The online catalogues are available on our website, http://www.calusari-auctions.com. We offer our catalogues by subscription or by single copy. PREVIEWSAll Calusari preview are free and open to the public. Auction previews are your chance to inspect each lot prior to the auction. Therefore, prospective buyers are strongly advised to examine personally any property in which they are interested, before the auction takes place, in order to determine its condition, size and whether or not it has been repaired or restored . Items are sold "AS IS" and with all faults; illustrations in our catalogs, website and other materials are provided for identification only. Condition reports may be available upon request. ESTIMATESCalusari catalogs include estimates for each lot , exclusive of buyer's premium. The estimates are provided as an approximate guide to the current market value and should not be interpreted as a representation or prediction of actual selling prices. They are determined well in advance of a sale and are subject to revision. Unless specifically illustrated and noted, fine art frames are not included in the estimate or purchase price.Calusari accepts no liability for damage or loss to frames during storage or shipment. RESERVESAll lots in a catalog are subject to a reserve, unless otherwise indicated. The reserve is the minimum price that the seller is willing to accept for a lot. The reserve is confidential and does not exceed the low estimated value. BIDDING AT AUCTIONAt Calusari, you can bid in many ways: in person, via absentee bid, or over the phone. Absentee bids may be submitted in person or via email. A valid Calusari account is required in order to participate in bidding activity. You can obtain registration information online from our website. By participating in any sale, you are acknowledge that you are bound by our CONDITIONS OF SALE, published in all catalogs and website. Lots are auctioned in consecutive numerical order as they appear in the catalog. Bidding normally begins below the low estimate. The auctioneer will accept bids from interested parties present in the saleroom, from telephone bidders, and from absentee bidders who have left written bids in advance of the sale. The auctioneer may also execute bids on behalf of the consignor up to the amount of the reserve, but never above it. We assume no responsibility for the failure to execute bids for any reason whatsoever. In PersonIf you are planning to bid at auction for the first time, you will need to register at reception desk in order to receive a numbered bod card. To place a bid, hold up your card so that the auctioneer can clearly see it. Decide on the maximum amount that you wish to pay, exclusive of buyers premium , and continue bidding until your bid prevails or reach your limit. If you are the successful bidder on a lot the auctioneer will acknowledge your paddle number and bid amount. By TelephoneUnder special circumstances, we can arrange for you to bid by telephone. Telephone bids will be accepted no later than 24 hours prior to the sale and only if the capacity of our pool of staff phone bidders allows. Telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversations. Calusari offers all absentee and telephone bidding services as a convenience to our clients, but will not be responsible for errors or failures to execute bids.

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Absentee BidsA friend or agent may place bids on your behalf , provided that we have been received your written authorization prior to the sale. The same service may be provided by our auction house, provided we have been received your written bid price you are willing to pay. Our auction staff will try to bid just as you would, with the goal of obtaining the item at the lowest bid price possible. Absentee bids from are available at our website.

BID INCREMENTSCalusari generally uses the following increment multiples as bidding progresses:

EUR 50-500 EUR 25 incrementsEUR 500-1000 EUR 50 increments EUR 1.000-2.000 EUR 100 increments EUR 2.000-5.000 EUR 200 increments EUR 5.000-10.000 EUR 500 increments EUR 10.000-20.000 EUR 1.000 increments EUR 20.000-50.000 EUR 2.000 increments EUR 50.000-100.000 EUR 5.000 increments EUR 100.000-200.000 EUR 10.000 increments EUR 200.000-500.000 EUR 20.000 increments EUR 500.000-100.000 EUR 50.000 increments The auctioneer may split or reject any bid at any time at his or her discretion as outlined in the CONDITIONS OF SALE. BUYER'S PREMIUMA buyer's premium is added to the winning price of each individual lot purchased. In addition to the hammer price, the buyer agrees to pay to us the buyer’s premium together with any applicable value added tax. The buyer’s premium is 10% of the final bid price of each lot up to and including EUR 10.000, 7.5% of the excess of the hammer price above EUR 10.000 and up to and including EUR 100.000 and 5% of the excess of the hammer price above EUR 100.000. PAYMENTAll buyers are asked to pay the full amount due (comprising the hammer price, buyer’s premium and any applicable taxes) not later than the seventh (7) calendar day following the sale. Payment may be made to Calusari by cash and wire transfer. Please note that payments by wire transfer may result in property not being released until purchase funds clear our bank. AUCTION RESULTSAuctions results are published on our website immediately after the sale.

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LOT 1 Lot DescriptionMARC KOPIL (1973-)COUNTERSTRIKE 2005. Acrylic on canvas, 120 x 100 cm.Signed and dated lower right. EstimateEUR 4.000-5.000 ProvenancePrivate collection, Oradea Literature and IllustrationMarc Kopil 2005-2010, catalogue of the exhibition held at Posticum, Oradea. Exhibitions2010, Posticum, Oradea Lot NotesMarc Kopil about computer games: Computer games [...] represent people's need to escape from the mundane and commonplace world around us, into a more fantastic realm, in which, paradoxically, things seem to be more safe and well-ordered than in the real world. I know it is not a serious alternative to reality, but what I'm trying to say is that we all tend to run away from the toxic reality that sorounds us. Source: Omagiu, Isoni Design, 2008

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LOT 2 Lot Description Lot DescriptionMARC KOPIL (1973-)ALICE IN WONDERLAND 2007. Acrylic on canvas,120 x 120 cm. Signed and dated lower right. EstimateEUR 6.000-8.000

ProvenancePrivate collection, Oradea Literature and IllustrationOmagiu, Isoni Design, 2008Marc Kopil 2005-2010, catalogue of the exhibition held at Posticum, Oradea. Exhibitions2010, Posticum, Oradea Lot NotesMarc Kopil about his angels: To be honest, I don't know what angels are, what they look like, or how to explain them. But the church, and the religion in general, doesn't have exclusive copyright on them. Maybe they are the people of the future, unaltered by urban despair; maybe angels are us in a future or past life; maybe they are the purest expression of our need for love - that need which we always postpone because of being too busy with our immediate and rather ridiculous 'needs' as consumers. Source: Omagiu, Isoni Design, 2008.

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LOT 3 Lot DescriptionLot DescriptionMARC KOPIL (1973-)JULIO CORTAZAR REVISITED 2010. Acrylic on canvas, 70 x 70 cm. Signed and dated lower left. EstimateEUR 2.000-3.000

ProvenancePrivate collection, Oradea Literature and IllustrationOmagiu,Marc Kopil 2005-2010, catalogue of the exhibition held at Posticum, Oradea. Exhibitions2010, Posticum, Oradea

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LOT 4 Lot DescriptionWANG DELONG (1940-)DELUGE 2003. Acrylic and colage on canvas.92 x 120 cm. Signed and dated by artist lower right. EstimateEUR 10.000-12.000 ProvenancePrivate collection, Oradea. Aquired from the artist in 2008 by the present owner. Literature and IllustrationCOUNTERPOINT NO4 Lot NotesWang Delong lives and works in Qinghai, China. For this abstract expressionist composition the artist found inspiration from Salvador Dali painting, The Temptation of St.Anthony, and the cave paintings from Cueva de las Manos, Argentina.

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LOT 5 Lot DescriptionLot DescriptionSUGAR ÁNDOR (1903-1944)TOWERS FROM SAN GIMIGNANO 1930. Tempera and oil on hessian. Signed in monogram and dated by artist, S.A.930, 96 x 56 cm. EstimateEUR 8.000-10.000 ProvenancePrivate collection, Budapest. Literature and IllustrationSugár Andor studied painting at Artúr Podolini-Volkmann School and worked in Italy as a silversmith. He was

member of the Socialist Artists Union, Szocialista Képzőművészek Csoportjának.

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LOT 6

Lot DescriptionKÁDÁR BÉLA (1877-1956)L'EMBRACE 1940's. Wax crayons on paper. Signed lower right Kadar/Bela, 62.8 x 46.4 cm EstimateEUR 4.000-4.500

ProvenancePrivate collection, Budapest. Lot NotesKadar Bela adopted in his art most of 20th century international trends such as Cubism, Futurism, Neo-Privitivism, Constructivism and the Metaphysical School. The influence of German Expressionism and the style of Carl Hofer is showed in this work. ReferenceAuction 145, Lot 58, 2007, Villa Grisebach, Germany

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LOT 7

Lot DescriptionARMAND SCHÖNBERGER(1885 - 1974)GIRL READING 1940's. Pastel on wove paper.Signed lower right,Schönberger Armand, 64 x 48.2 cm EstimateEUR 1.000-1.500

ProvenanceDr. Istvan Schlegl Gallery, Zurich,circa 1970Private collection, Budapest Lot NotesArmand Schönberger studied in Munich and at the Society of Plastic Artists from Baia Mare.He painted metropolitan and industrial landscapes, still lifes and portraits but he is especially known for painting the exuberance of Budapest night life in 20’s and 30’s at the coffee houses and at the concerts.

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LOT 8Lot DescriptionNAGY OSZKÁR(1883 - 1965)LANDSCAPE FROM BAIA MARE 1930's. Oil on cardboard.Signed lower right, Nagy Oszkár.54.5 x 74 cm

EstimateEUR 5.000-6.000

ProvenancePrivate collection, Oradea

Lot NotesNagy Oszkár studied painting with Károly Ferenczy at the Academy of Fine Arts, Budapest and with István Réti, the founder of Society of Plastic Artists from Baia Mare. After his one year scholarship in Italy he returned to Baia Mare where he soon developed his artistic style. He painted mostly landscapes from Baia Mare and portraits. Althought unique, his art cand be traced to Paul Cézanne landscapes and German Expressionism. He exhibited in 1922 at Satu Mare, in 1936, at Carlton Hotel, Timisoara, in 1942 at University Library, Cluj-Napoca and in 1944 at Széchenyi Square Kiosk, Oradea. Nagy Oszkár founded the artists colony in Baia Sprie (Felsőbánya) which was intended to be the rival of the Baia Mare (Nagybánya) colony. Due to the facts that he worked remote in Baia Mare, Baia Sprie and never exhibited his paintings in major cities he unfortunately did not achieved a fame in Europe.

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LOT 9 Lot DescriptionCORNELIU BABA(1906-1997)PORTRAIT OF A YOUNG GIRL 1930's. Oil on cardboard.Signed lower right, Baba. 49.5 x 66.3 cm EstimateEUR 40.000-50.000 ProvenanceEx-collection ALEXANDRU HASAŞ, Oradea. Lot NotesCorneliu Baba did not joined the modernism of 20th century. He rather developed a sui generis style, somethimes considered unfashionably for a 20th century painter, focusing on what Baba himself cited, El Greco, Rembrandt, and Goya as particularly strong influences. I have asked myself so many times, as others have asked me too, why I am held in such thrall by El Greco, by Rembrandt, and by Goya… Rembrandt is the nearest to me. (quoted by Pavel Susara in his book Corneliu Baba, London: Parkstone, 2001. p. 123). Corneliu Baba favourite subjects were the psychological portrait, the harlequin, and the mad king. The present lot represent, probably, the most profound psychological child portrait in the history of Romanian painting.

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LOT 10 Lot Description

MAX HERMAN MAXY(1895 - 1971)THREE MUSICIANS 1926. Oil on canvans.Signed and dated lower right, maxy/1926.49.5 x 57.7 cm EstimateEUR 70.000-80.000 Provenancecirca 1930 to circa 1956, Horovitz, Bucharest,circa 1956 to 2003, Mitrutz collection, Romania,2005 to present, private collection, Basel, Switzerland

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Max Herman Maxy was a painter, designer and editor who played a major role in Romanian Modernism. Together with Ilarie Voronca, Stephan Roll, Filip Brunea-Fox, Benjamin Fondane, Claude Sernet, and Ion Călugăru, Max Herman Maxy gave the modernist art movements (cubism, dadaism, futurism) the shape of Integralism. The therm (translated from Romanian Integralist) should not be confused with National Integralism ideology. Max Herman was born in Braila on 26 October 1895, in the family of carpenter Iancu Herman and his wife Eti.He studied in Bucharest under Camil Ressu and Iosif Iser in 1913-1915 and under Arthur Segal in 1922 at Berlin. It was Iosif Iser who suggested him “Maxy” pseudonym. He joined Novembergruppe in October 1922 and exhibited at Der Sturm on May 1923 together with: Alexey von Jawlensky, Arthur Segal, Cesar Domela, El Lissitzky, Erich Buchholz, Hans Richter, Hannah Hoch, Ivan Puni, Lazlo Peri, Lazlo Moholy-Nagy, Teo Van Doesburg, and Vilmos Huszar. Returning in Bucharest he organized First International Contimporanul Exhibition with the participation of: Arthur Segal, Constantin Brancusi, Erich Buchholz, Hans Mattis-Teitsch, Hans Arp, Hans Richter, Karel Teige, Kurt Schwitters, Lajos Kassak, Marcel Iancu, Mieczysław Szczuka, Milița Petrașcu, Paul Klee, Victor Brauner, and Viking Eggeling. The exhibition was followed by the second in 1930 held together with the Facla Group, honouring the visit of F.T. Marinetti in Romania, by the third in 1935 and by the fourth in 1936. In January 1925, using the Bauhaus as a the model he organized Academia Artelor Decorative (The Academy for Applied Arts). In May 1929 at Exposicion Internacional held in Barcelona, Max Herman Maxy was awarded with gold medal for his decorative work “Tea Set”.In May 1930 M.H.Maxy exhibited at the Gemeente Museum voor Moderne Kunst, The Hague and in June at Stedelijk Museum, Amsterdam. In July 1930 M.H.Maxy exhibited at Galerie Giroux, Bruxelles. With the invitation of Filippo Tommaso Marinetti, in December 1933, Max Herman Maxy exhibited at Futurist Art Exhibition, held in Rome. M.H.Maxy exhibited at Romanian Pavilion, Exposition Universale, on September 1937. After World War II he exhibited at Prague in 1956 and at Budapest in 1959. He died in 1971 in Bucharest.

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Max Herman Maxy contributions (costume design or/and scenic design) to Romanian theatre:

YEAR TITLE AUTHOR THEATRE DIRECTOR M.H.MAXY

1925 Cantaretul tristetii saleDer Zinger fun zayn troyer

Ossip Dimov(Joseph Perlman)

Central I.M. Daniel costume design andscenic design

Saul André Gide Central I.M. Daniel costume design andscenic design

1926 Omul, Bestia si VirtuteaL'Uomo, La Bestia e La Virtù

Luigi Pirandello Central Henry Tarlo costume design andscenic design

Got fun Nekomeh Sholem Asch Central Sandu Eliad scenic design

Manechinul sentimental

Ion Minulescu Central Paul Gusty costume design andscenic design

Gandul Leonid Nikolaievich Andreyev

Central Alexander Stein

scenic design

1927 Greierul de pe vatraThe Cricket on the Hearth

Charles Dickens Central Alexander Stein

costume design andscenic design

RatatiiLes Ratés

Henri René Lenormand

Caragiale Sandu Eliad scenic design

CamaraziiKamraterna

August Strindberg

Caragiale Yankev Shternberg

scenic design

1930 Croitorasul fermecatDer farkishefter shnayder

Sholem Aleichem BITSBukareshter Idishe Teater-Studie

Jacob Sternberg

scenic design

Le Couturier enchanté

Salom Asch BITSBukareshter Idishe Teater-Studie

Jacob Sternberg

scenic design

Noaptea in targul vechiA Night in the Old Marketplace

Isaac Leib PeretzandJacob Gordin

BITSBukareshter Idishe Teater-Studie

Jacob Sternberg

scenic design

1932 Maia Simon Gantillon Liber Marietta Sadova (Sadoveanu)

scenic design

1933 Kukuriku, Sholem-Aleykhem

Yankev Shternberg

Sophia I. Lieblich GardenJignitza

Yankev Shternberg

costume designand scenic design

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1934 Bukaresht-

YerusholaimYankev Shternberg

Sophia I. Lieblich GardenJignitza

Yankev Shternberg

costume design andscenic design

1941 Fratii SangerThe Constant Nymph

Margaret Kennedy

Barasheum Moni Ghelerter

costume design andscenic design

1942 Cutia cu iluzii(?) Isac Ludo Barasheum Moni Gheleter

design decor

1943 Cantaretul tristetii saleDer Zinger fun zayn troyer

Osip Dimov Barasheum Sandu Eliad costume design andscenic design

1944 Melo Henri Bernstein Barasheum Moni Ghelerter

scenic design

PotopulSyndafloden

Johan Henning Berger

Barasheum Moni Ghelerter

scenic design

The Big LotteryDos groyse gevins

Sholem Aleichem Barasheum Sandru Eliad scenic design

Nopti fara luna Mihail Sebastian Barasheum Moni Ghelerter

scenic design

1948 FundaturaDead End

Sidney Kingsley National Studio Dinu Negreanu

scenic design

1970 Noaptea in targul vechiA Night in the Old Marketplace

Isaac Leib PeretzandJacob Gordin

Evreiesc de Stat Iso Schapira scenic design

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Personal exhibitions of M.H.Maxy:

Date Location

1920 November Bucharest Unirea Association Hall

1921 November Bucharest Mozart Hall

1923 April Berlin Galerie Der Sturm

1927 February Bucharest Academy of Decorative Arts

October Bucharest Academy of Decorative Arts

1928 November Bucharest Academy of Decorative Arts

1937 April Bucharest Mozart Hall

1943 December? Bucharest in his appartment

1945 December Bucharest Dalles Hall

1965 October Bucharest Dalles Hall

Important group exhibitions of M.H. Maxy:

1918 April Iasi Gandul Liber Hall

1921 May Bucharest Arta Romana (Exhibition Romanian Art)

1922 May Bucharest Arta Romana (Exhibition Romanian Art)

October Berlin Jury-Free Art Show

1923 May Berlin Gallery Der Sturm

1924 May Bucharest Salonul OficialOfficial Salon

November Bucharest First International Contimporanul Exhibition

1925 May Bucharest Salonul OficialOfficial Salon

1926 October Bucharest Academia Artelor DecorativeAcademy for Decorative Arts

1927 April Berlin Arthur Segal School, first exhibitionat Kunsthaus Twardy

May Bucharest Hasefer Library and Publishing House

September Bucharest Congres de la Presse Latine /Exposition d’art roumain

1929 April Bucharest Academia Artelor Decorative/Grupul de Arta Noua

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Academy for Decorative Arts/ New Art Group

May Barcelona Exposicion InternacionalInternational ExhibitionM. H. Maxy was awarded with gold medal for his decorative work “Tea Set”

1930 April Bucharest Salonul OficialOfficial Salon

May Bucharest Second Contimporanul Exhibition organized together with newspaper FACLA (flame) honouring the visit of F.T. Marinetti in Romania.

May The Hague Gemeente Museum voor Moderne Kunst,Tentoonsteling van Roemeensche KunstRomanian Art Exhibtion

June Amsterdan Stedelijk MuseumTentoonsteling van Roemeensche KunstRomanian Art Exhibition

July Bruxelles Exposition d’Art Roumain a l’occasion du Centenaire de l’independance a BelgeRomanian Art Exhibition at the Centenary of Belgium Independence

1931 May Bucharest Salonul Oficial de Arhitecture siArta DecorativaOfficial Salon of Achitecture and Design

1932 January Bucharest Grupul de Arta NouaNew Art Group

1933 February Bucharest Sala Dalles, Grupul Plastic CriterionDalles Hall together with Criterion Group

1933 December Rome Futurist Art Exhibition

1934 April Bucharest Grupul Plastic

1935 February Bucharest Expozitia Grupului Contimporanul,Sala MozartThird Contimporanul Group Exhibition, Mozart Hall

May Bucharest Comedia Theatre

1936 January Bucharest Expozitia Grupului ContimporanulFourth Contimporanul Group Exhibition

May BucharestSalonul OficialOfficial Salon

1937 September Paris Romanian Pavilion, Exposition Universale

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Regarding the present lot, a year before Max Herman Maxy painted Three Musicians, he designed the costumes and the scenes for the play Der Zinger fun zayn troyer by Ossip Dimov (Joseph Perlman) and for Saul by André Gide. Both were played at the Teatrul Central and directed by I.M. Daniel.In the 1926 Max Herman Maxy designed the costumes (i) and/or the scenes (ii) for: L'Uomo, La Bestia e La Virtù by Luigi Pirandello, directed by Henry Tarlo, ( i and ii) Got fun Nekomeh by Sholem Asch, directed by Sandu Eliad, (ii) Manechinul Sentimental by Ion Minulescu, directed by Paul Gusty,( i and ii). Thought by Leonid Nikolaievich Andreyev, directed by Alexander Stein, (ii) All were played at the Teatrul Central. Taking into account the work in the collection of National Museum of Art of Romania entitled Devils, study for costumes design for the play Saul by André Gide”, the present lot represent the costumes for the same play. BiographyIsrail Bercovici, O suta de ani de teatru evreiesc in Romania, Editura Integral, Bucuresti, 1998Petre Oprea, M.H.Maxy, Editura Meridiane, Bucuresti, 1974Stephan Roll, Optzeci de ani de teatru evreiesc in Romania (1876-1956), TESB, Bucuresti, 1956

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CONDITIONS OF SALE

These CONDITIONS OF SALE contain all the terms on which Calusari and the Seller contract with the Buyer. By participating in any sale, you are acknowledge that you are bound by these terms and conditions. 1. CALUSARI AS AGENTExcept as otherwise stated, Calusari acts as agent for the Seller. The property will be offered by us as agent for the Seller, unless the catalogue indicates otherwise. Therefore, the contract for the sale of the property is therefore made between the Seller and the Buyer. 2. AS ISGoods auctioned are often of some age. The authenticity of property listed in the catalogue is guaranteed as stated in the LIMITED WARRANTY, in paragraph 6. We and the Seller are no responsible for errors and omissions in the printed catalogue, online catalogue, or in any supplemental material. All property is sold "AS IS" without any representations and warranties by Calusari or the Seller as to:(a) merchantability, (b) fitness for a particular purpose, (c) quality, (d) rarity, (e) importance, (f) size, (g) medium, (h) provenance, (i) exhibitions, (j) literature, (k) historical relevance, and (l) the correctness of the catalogue or other descriptions of the physical conditions of any property and no statement anywhere whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a saleroom posting or announcement, or elsewhere shall be deemed such a warranty, representations or assumptions of liability. 3. BEFORE THE SALE(a) Examination of propertyProspective buyers are strongly advised to examine personally any property in which they are interested, before the auction takes place, in order to determine its condition, size and whether or not it has been repaired or restored . CONDITIONS REPORTS are usually available on request. Neither Calusari nor the Seller provides any guarantee in relation to the nature of the property apart from the LIMITED WARRANTY in paragraph 7 below. The property is otherwise sold "AS IS". (b) All statements made by us in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose. Except as set forth in paragraph 6 below, neither Calusari nor the Seller is responsible in any way for errors and omissions in the catalogue or any supplemental material. (c) Buyer’s responsibilityExcept as stated in the LIMITED WARRANTY in paragraph 6 below, all property is sold "AS IS" without any representation or warranty of any kind by Calusari or the Seller. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry. (d) WithdrawalWe reserve the right to withdraw any property before the sale and have no liability whatsoever for such withdrawal.

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4. AT THE SALE(a) Refusal of admission.Calusari has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. (b) Registration before biddingA prospective buyer must complete and sign a registration form and provide identification before bidding. We may require the bank financial references and in some cases a warranty deposit. (c) Bidding as principalWhen making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer’s premium and all applicable taxes, plus all other applicable charges, unless it has been explicitly agreed in writing with before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Calusari, and that Calusari will only look to the principal for payment. (d) Absentee bidsWe will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, or by an agent or by telephone. Please refer to the catalogue for the ABSENTEE BIDS FORM. If we receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with it. (e) Telephone bidsTelephone bids will be accepted no later than 24 hours prior to the sale and only if the capacity of our pool of staff phone bidders allows. Telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversations. Calusari offers all absentee and telephone bidding services as a convenience to our clients, but will not be responsible for errors or failures to execute bids. (h) ReservesUnless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The reserve will not exceed the low estimate printed in the catalogue. If any lots are not subject to a reserve, they will be identified with the symbol • next to the lot number. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the Seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion, will generally open the bidding at 50% of the low pre-sale estimate for the lot. In the absence of a bid at that level, the auctioneer will proceed backwards in his or her discretion until a bid is recognized, and then continue up from that amount. Absentee bids will, in the absence of a higher bid, be executed at approximately 50% of the low pre-sale estimate or at the amount of the bid if it is less than 50% of the low pre-sale estimate. In the event that there is no bid on a lot, the auctioneer may deem such lot unsold. (i) Calusari’s discretionThe Calusari has the right at his absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. (j) Successful bid and passing of riskSubject to the auctioneer’s discretion, the highest bidder accepted by the auctioneer will be the Buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the Seller and the Buyer. Risk and responsibility for the lot (including frames or glass where

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relevant) passes to the Buyer at the expiration of seven calendar days from the date of the sale or on collection by the Buyer if earlier.

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5. AFTER THE SALE(a) Buyer’s premiumIn addition to the hammer price, the buyer agrees to pay to us the buyer’s premium together with any applicable value added tax. The buyer’s premium is 10% of the final bid price of each lot up to and including EUR 10,000, 7.5% of the excess of the hammer price above EUR 10,000 and up to and including EUR 100,000 and 5% of the excess of the hammer price above EUR 100,000. (b) Payment and passing of titleThe Buyer must pay the full amount due (comprising the hammer price, buyer’s premium and any applicable taxes) not later than the seventh (7th) calendar day following the sale. The buyer will not acquire title to the lot until all amounts due to us from the buyer have been received by us in good cleared funds. (c) Collection of purchasesWe shall be entitled to retain items sold until all amounts due to us, have been received in full in good cleared funds. Subject to this, the Buyer shall collect purchased lots within seven (7) calendar days from the date of the sale unless otherwise agreed between us and the Buyer. Where purchases are not collected within seven (7) calendar days from the date of the sale, whether or not payment has been made, we shall additionally charge the Buyer for administration, handling, insurance and any other costs incurred. (d) Packing, handling and shippingAlthough we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions. (f) Remedies for non paymentIf the buyer fails to make payment in full in good cleared funds within the time required by paragraph 5(b) above, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law):(i) to cancel the sale;(ii) the warranty deposit of the Buyer will not be returned;(iii) to hold the defaulting Buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law;(iv) to resell the property publicly or privately on such terms as we shall think fit; If we resell the property under paragraph (iv) above, the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the Seller, the Buyer acknowledges that Calusari shall have all of the rights of the Seller, however arising, to pursue the Buyer for such amount. (g) Failure to collect purchasesWhere purchases are not collected within seven (7) calendar days from the date of the sale, whether or not payment has been made, we shall additionally charge the Buyer for administration, handling, insurance and any other costs incurred.

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6. LIMITED WARRANTY 6.1 Subject to the terms and conditions of this paragraph, CALUSARI warrants for a period of five (5) years from the date of the sale that any property described in headings printed in UPPER CASE TYPE (i.e. headings having all capital-letter type) in this catalogue which is stated without qualification to be the work of a named author or authorship, is authentic and not a forgery. The term “author” or “authorship” refers to the creator of the property or to the period, culture, source or origin, as the case may be, with which the creation of such property is identified in the UPPER CASE TYPE description of the property in this catalogue. Only UPPER CASE TYPE headings of lots in this catalogue indicate what is being warranted by Calusari. Calusari warranty does not apply to supplemental material which appears below the UPPER CASE TYPE headings of each lot and Calusari is not responsible for any errors or omissions in such material. The warranty is subject to the following conditions:(i) It does not apply where (a) the catalogue description corresponded to the generally accepted opinion of scholars or experts at the date of the sale or fairly indicated that there was a conflict of opinions; or (b) correct identification of a lot can be demonstrated only by means of either a scientific process not generally accepted for use until after publication of the catalogue or a process which at the date of publication of the catalogue was unreasonably expensive or impractical or likely to have caused damage to the property.(ii) The benefits of the warranty are not assignable and shall apply only to the original buyer of the lot as shown on the invoice originally issued by Calusari when the lot was sold at auction.(iv) In no event will our liability to a Buyer will exceed the hammer price price actually paid. The Buyer’s sole and exclusive remedy against Calusari and the Seller, in place of any other remedy which might be available, is the cancellation of the sale and the refund of the hammer price paid for the lot. Neither Calusari nor the Seller will be liable for any special, incidental or consequential damages including, without limitation, loss of profits nor for interest. 6.2 To be able to claim under this LIMITED WARRANTY the original purchaser of record must:(i) notify Calusari in writing within three (3) months of receiving any information that causes the original buyer of the lot to question the accuracy of UPPER CASE TYPE type heading, specifying lot number, date of the auction at which it was purchased and the reasons for such question; and(ii) return the Lot to Calusari original selling location in the same condition as at the day of the sale; and(iii) obtain at the original Buyer's costs, the reports of three independent and recognized experts in the field, which question the accucy of UPPER CASE TYPE type heading. 7. EXTENT OF LIMITED WARRANTYWe agree to refund the purchase price in the circumstances of the LIMITED WARRANTY set out in paragraph 6 above. Apart from that, neither the seller nor we, nor any of our officers, employees or agents, are responsible for the correctness of any statement of whatever kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Except as stated in paragraph 2 and 6, neither the Seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. 8. COPYRIGHTThe copyright in all images, illustrations and written material produced by or for Calusari relating to a lot including the contents of this catalogue, is and shall remain at all times the property of Calusari and shall not be used by the Buyer, nor by anyone else, without our prior written consent. Calusari and the Seller make no representation or warranty that the Buyer of a property will acquire any copyright or other reproduction rights in it. 9. LAW AND JURISDICTIONIf any part of these CONDITIONS OF SALE is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.The rights and obligations of the parties with respect to these CONDITIONS OF SALE, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws

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of the jurisdiction in which the auction is held. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the Buyer shall be deemed to have submitted, for the benefit of Calusari, to the exclusive jurisdiction of the courts of that country.

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ABSENTEE BID FORM Please print and complete by hand this Absentee Bid Form bellow.The scanned Absentee Bid Form together with scans of Identification (Passport or National Identity )and Proof of Address (Utility Bill and Bank Statement issued within the last six months ) should be sent by e-mail at: info(at)calusari-auctions(dot)com. All the scanned documents should bear the signature of a Notary Office in your country.We accepting bid amounts in EURO, and please use block letters when writing them in the bellow table. Bidders who have newer purchased at Calusari Auctions will be required to deposit in advance 10% of the maximum price they are submitted. Billing Name Client Number Address City Country Postal Code Email Address Telephone Sale Date Sale Number I request that Calusari Auctions enters bids to the following lots up to the maximum price, I have indicated for each lot. I understand that submiting this bid, I have entered into a bidding contract, to purchase the individual lots if my bid is successful, I will be obligated to pay the purchase price which will be the sum of my final bid plus buyer’s premium. Signature Date Print Name (IN BLOCK LETTERS) Lot Number Description Bid Amount

Maximum price in € use BLOCK LETTERS

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PRINTS AND MULTIPLESSALE NUMBER 102, RESULTS

LOT NUMBER PRICE 1 880 2 2203 2204 4405 27506 27507 4400 8 25309 330010 990

The following prices in EUR include the buyer's premium and are rounded to the nearest euro.Lots which did not sell, or have been withdrawn do not appear bellow. The buyer’s premium is 10% of the final bid price of each lot up to and including EUR 10,000, 7.5% of the excess of the hammer price above EUR 10,000 and up to and including EUR 100,000 and 5% of the excess of the hammer price above EUR 100,000.Calusari Auctions is not responsible for errors or omissions. For catalogue subscriptions please write to [email protected].

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