David Feldman Persia Including the Khosrow “Joe” Youssefi Collection (Part I) Tuesday, December 10, 2019

Participation in any David Feldman S.A. auction means acceptance in full of the following conditions as well as any rights and obligations arising therefrom. These same conditions also apply to all transactions taking place outside the realm of the auctions. DAVID FELDMAN S.A., organiser of the auctions, acts as an agent only and is not liable in any way whatsoever for any default(s) of purchaser(s) and/or vendor(s). 1. The auction lots are offered 1.1 As presented in the relative auction catalogue and/or through the David Feldman S.A. website. Lots are meticulously described and with the greatest care, however without responsibility. Photographs count as part of the description with regard to the margins, perforation, centering, postmarks and all other visible attributes. The descriptions of the lots mention if the items are signed by recognised experts and/or accompa- nied by expert certificates. 1.2 As viewed in person: before and during auction sales, persons or their agents may examine lots at our offices or at the auction location, and must confirm their auction invitation before viewing. Persons or their agents attending a Live Room auction by invitation and/or who have viewed lots before an auction are understood to have examined all lots which they purchase and accept them as they are at the moment of the knocking-down and not necessarily as described. 2. Auction bids 2.1 The auction bid steps for all auctions are as follows: (some auctions may be in other currencies than Euros) e 50 - 100: e 5 e 2’000 - 5’000: e 200 e 100 - 200: e 10 e 5’000 - 10’000: e 500 e 200 - 500: e 20 e 10’000 - 20’000: e 1’000 e 500 - 1’000: e 50 e 20’000 - 50’000: e 2’000 e 1’000 - 2’000: e 100 e 50’000 - 100’000: e 5’000 Bids between these steps will be adjusted accordingly to the next high- est bid step. The bidder is bound by his offer until a higher bid has been validly accepted. 2.2 DAVID FELDMAN S.A. has full discretion to refuse any bidding, to divide any lot or lots, to combine any two or more lots and to withdraw any lot or lots from the sale without in any case giving any reason. DA- VID FELDMAN S.A. may also bid on behalf of vendors in cases where reserve prices have been fixed. In these cases, the vendor is treated as a buyer and the auctioneer shall bid on his behalf up to reserve prices. If the reserve price fixed by the vendor is not reached, the auctioneer passes to the next lot by a simple knock of the hammer. 2.3 Bid orders are only accepted from registered clients of DAVID FELD- MAN S.A. and/or its associated companies. Live Room bidders must confirm their invitation prior to obtaining a bidding number. 2.4 Bid orders received by DAVID FELDMAN S.A. including via its website before the relative auctions have priority over room bids in the case of Live Room auctions. Clients giving bidding instructions to DAVID FELDMAN S.A. may make alternative offers and/or limit the total of their expenditure in advance. Bids marked "BUY" are considered as up to ten times the quoted estimate price where such exists. Bids made in other currencies than the advertised currency of the auction will be converted into that currency at the market rate of the day of receipt by DAVID FELD- MAN S.A. Bids are standing and hold good for at least 60 days from the auction period. DAVID FELDMAN S.A. reserves the right to invoice bid- ders up to the end of the 60 day period, payment being due immediately. 3. The auction 3.1 Unless explicitly stated otherwise, the currency of the auction is Eu- ros. Attendance at the Live Room auction is reserved for invited clients and/or their agents. 3.2 Prerogatives of David Feldman S.A.: DAVID FELDMAN S.A. may withdraw, group differently, divide or refuse to knock down any lot. DAVID FELDMAN S.A. reserves the right to refuse any bid orders and/ or for Live Room auctions, refuse admittance to the auction room, at its discretion, to anybody whomsoever. DAVID FELDMAN S.A. cannot be held responsible for any physical accident that may occur on the premises where auctions take place. In the case a bone fide offer for the entire collection presented in this catalog is received at least two weeks before the auction date, and would be accepted by the vendor and the auctioneer, it maybe withdrawn from sale and the auction offer cancelled. 3.3 Bidders' representatives and auction agents: any person bidding for the account of a third party is fully liable for any obligation arising from such bidding. This responsibility is notably applicable for the verification of the condition and for the payment of purchased lots. 3.4 Winning Bids: each lot is sold on behalf of the respective owner to the highest bidder who becomes the buyer at one bid step over the next high- est bid step; this is the knock-down price. A buyer’s premium will be added to the knock-down price per lot and is payable by the buyer as part of the total purchase price. The buyer’s premium is 22% of the knock-down price up to and including € 50,000 and 20% on any amount in excess of € 50,000. Cost of postage will be invoiced separately from the buyer’s premium. On the knock of the hammer, liability for the lots passes to the bidder whose bids have been accepted. The lots are delivered to the buyer when the total sale price (knock-down price plus all fees) have been paid in full. VAT (Sales Tax) - Notes for guidance concerning auctions for which the lots are located in Switzerland: buyers domiciled abroad are not liable for this tax once the goods are duly exported from Switzerland. DAVID FELDMAN S.A. are pleased to arrange this export; alterna- tively, clients may make their own arrangements and furnish DAVID FELDMAN S.A. with proof of export, stamped by Swiss customs. Any purchases by buyers who wish to keep their purchases in Switzerland will be liable to VAT at 7.7% of the purchase price in Swiss Francs at the converted British pound value during the auction. It is the buyer’s responsibility to pay any relevant duties that may be incurred upon import to other jurisdictions. 3.5 Payment: Sale price plus buyer’s premium and additional costs (if any) are due for immediate payment as invoiced against delivery of the lots. Payment in other currencies is accepted at the rates of exchange of the day as quoted by a major Swiss bank. The bidders who are successful with whom it has been expressly agreed that they pay after the sale under special conditions, are due to pay the sale price, buyer’s premium and any other costs according to those terms. In these cases, DAVID FELDMAN S.A. keeps the relevant lots which are delivered to the buyers on full settlement of their account. Delivery of the purchased lots by post, courier or any other means if instructed by the buyer including cost of normal transit insurance cover is at the expense of the buyer. Title Conditions of Sale The currency of the auction is the Euro ( € ) 134