MODERN SCHOOL - Lot 549

PAINTINGS – FURNITURE – OBJECTS OF ART – AFRICAN ART – RUGS

Auction on Friday, July 3, 2026, at 1:30 p.m. at the Hôtel Drouot in Room 1 (9, rue Drouot – 75509 PARIS) and on the DROUOT LIVE platform

Viewing:

-Thursday, July 2, from 11:00 a.m. to 8:00 p.m. (Room 1)

- Friday, July 3, from 11:00 a.m. to 12:00 p.m. (Room 1)

Phone number during the exhibition: 01 48 00 20 01

For further information: contact@euvrard-fabre.com

Pickup of lots: Lots may be picked up:

- Monday, July 6, 2026, at the Hôtel Drouot (in Room 1) from 8:00 AM to 9:00 AM

-After that, lots will be moved to the Hôtel Drouot storage facility (FEE APPLIES):

· Lots must be picked up by appointment via the following link: https://outlook.office365.com/owa/calendar/Drouot@drouot.com/bookings/

· The Drouot Pickup Service is open Monday through Friday from 1:30 p.m. to 6:00 p.m. and is located at 6 BIS, rue Rossini – 75009 PARIS

A 30% sales fee (including tax; 25% excluding tax) is added to the winning bid

Please review the General Terms and Conditions of Sale

The SVV EUVRARD & FABRE acts as an operator of voluntary sales of furniture by public auction governed by Articles L 312-4 et seq. of the Commercial Code and the Ministerial Order of 21 February 2012 defining the ethical obligations of operators of voluntary sales. The SVV is the seller's agent and its relationship with the bidders is specified by these conditions of sale, which may be amended by written or oral notices prior to the sale and which will be mentioned in the sale minutes. Participation in indoor, telephone or internet auctions implies unconditional acceptance of these conditions.

Online auctions are conducted on the ‘https://drouotlive.com’ website, which is a technical platform enabling remote electronic participation in public auctions held in auction rooms. Users wishing to take part in an online auction via the Drouot Live platform must read and accept, without reservation, the terms and conditions of use of this platform (which can be viewed at https://drouotlive.com), which are independent of and in addition to these general terms and conditions of sale.

Items offered for sale : The information given in the catalogue is the responsibility of the auction house and the experts assisting it, taking into account any corrections announced at the time of presentation of the item and recorded in the sale report. The absence of any mention in the catalogue, reports, labels or verbal announcements of a restoration, accident or incident in no way implies that the lot is in perfect condition or free of restoration, wear, cracks, lining or other imperfections. Re-leafing, parquetage or lining are considered as a conservation measure and not as a defect; dimensions, weights and estimates are indicative. The colours of the works in the catalogue may vary due to the printing process. A prior exhibition enables buyers to appreciate the condition of the items for sale. No claims will be accepted once the sale has been announced. The SVV is at your disposal for any information, and invites all interested parties to enquire about the lots. Estimates provided by the auction house and the expert are purely indicative and do not confer any guarantee. They cannot be considered as implying the certainty that the property will be sold at the estimated price or even within the estimate range.

Bids : The successful bidder will be the highest and last bidder, and will be obliged to submit his name and address, together with proof of identity and bank details. All bidders are deemed to be bidding on their own behalf and are held solely responsible for their bid. If the bidder is bidding on behalf of a third party, he/she must make this person's identity known beforehand, so that the invoice can be drawn up correctly. No changes may be made after the sale. In the event of a double bid acknowledged by the auctioneer, the lot will be put back up for auction immediately, and any interested party will be invited to participate in the auction again. The auctioneer and the experts reserve the right, in the interests of the sale, to combine, divide or withdraw any lot from the sale.

In the event that a reserve price has been stipulated by the seller, EUVRARD & FABRE reserves the right to place bids on behalf of the seller until the reserve price has been reached. The reserve price may not exceed the low estimate appearing in the catalogue or modified publicly before the sale.

EUVRARD & FABRE will conduct the sale in a discretionary manner, ensuring freedom of bidding and equality between all bidders, while respecting established practices. EUVRARD & FABRE reserves the right to refuse any bid, to organise the auction in the most appropriate way, to move certain lots during the sale, to withdraw any lot from the sale, to combine or separate lots.

EUVRARD & FABRE reserves the right to refuse access to the auction room to any potential buyer for just cause.

Purchase orders : The auction house can execute any purchase order free of charge. This must be requested in writing 24 hours before the auction, using the duly completed form and accompanied by a cheque, bank details or a guarantee in the form of a signed cheque made payable to SAS EUVRARD & FABRE or a bank card imprint signed by the person placing the order for an amount equal to 30% of the low estimate of the lot(s). For certain sales, different guarantees specified in the special conditions may be required. If the client does not obtain the lot in question, EUVRARD & FABRE undertakes to destroy the cheque, bank details or credit card imprint.

SVV EUVRARD & FABRE will act on behalf of the bidder, according to the instructions given in this form, in order to try to buy the lot concerned at the lowest price, and not exceeding the maximum amount indicated. In the event of bids in the room for the same amount, the bidder present will have priority. Telephone bids are accepted for lots with a low estimate of more than €300. It is advisable to specify a security purchase order that we can execute on your behalf in the event that we are unable to contact you. The Auction House is not responsible for failure to execute a purchase order due to error, omission, telephone malfunction or any other cause.

Payment of the price : The sale is conducted in euros and is expressly payable in cash. In addition to the hammer price, the successful bidder must pay taxes and sales expenses of 30% inclusive of tax (25% exclusive of tax + 20% VAT). No lot will be handed over to the buyer until all sums due have been paid in full.

Auctions via the Drouot Live platform will be invoiced at 1.5% excluding VAT (i.e. 1.8% including VAT) in addition to the auction price.

Means of payment :

- by cheque, which must be accompanied by proof of identity; only the cashing of an uncertified cheque will constitute payment and transfer of ownership.

- in cash, up to a limit of €1,000 for French residents, including taxes and charges, and up to €15,000 for foreign residents, with proof of identity, the source of the funds and the declaration of the sums to the customs authorities (decree of 24 June 2015).

- by bank transfer, quoting the slip number;

- by Visa and MasterCard at the office.

EUVRARD & FABRE, sales intermediary, is subject to obligations to combat money laundering and the financing of terrorism pursuant to Article L-561-2 of the Monetary and Financial Code.

VAT : The VAT included in the margin may be reimbursed to buyers who are not residents of the European Union after sending the SVV the customs export document, copy neme3, stamped by customs, within two months of the sale. No VAT slip will be issued without official proof of export, as the intra-Community VAT number alone is not sufficient.

Default of payment :

In the event of non-payment by the successful bidder within three months of the date of the auction and after formal notice has been served without result, the property will be reoffered for sale at the seller's request on the basis of an irresponsible bid by the unsuccessful bidder.

If the seller does not make this request within three months of the auction, the sale is automatically cancelled, without prejudice to any damages owed by the defaulting buyer.

If the successful bidder fails to pay the sums due within the three-month period or if the sale is declared null and void by a court decision, the costs relating to the cancelled sale remain payable by the successful bidder.

In this case, EUVRARD & FABRE has the right to cash the cheque given as a guarantee or to deduct from the successful bidder's bank account the sum corresponding to the guarantee required in application of the conditions of sale. This sum is acquired on a pro rata basis by the seller of the lot and EUVRARD & FABRE as partial compensation for their prejudice and losses caused by the default and faults of the successful bidder, without prejudice to additional damages and interest.

In all cases EUVRARD & FABRE reserves the right to claim from the defaulting bidder :

- interest at the European Central Bank's semi-annual reference rate on 1st January and 1st July (REFI) plus 10 points ;

- reimbursement of additional costs incurred as a result of the defaulting bidder's failure to pay, including storage, transport and catalogue costs, legal and additional fixed recovery costs, etc.

- the remaining auction fees for the cancelled sale and the loss suffered by EUVRARD & FABRE corresponding to the seller's fees;

- payment of the difference between the initial hammer price and

- The lower of the bidding price on the irresponsible bidding, or the lower of the bidding price on the irresponsible bidding, as well as the costs generated by the new bids,

- or the low estimate, if the sale is cancelled as of right.

EUVRARD & FABRE also reserves the right to offset any sums owed to the defaulting bidder. EUVRARD & FABRE reserves the right to exclude from future sales, any successful bidder who has defaulted or who has not respected the present general conditions of purchase.

Irresponsible bidding : In the event of non-payment by the successful bidder, the property is re-sold at the seller's request on the basis of irresponsible bidding by the unsuccessful bidder: if the seller does not make this request within one month of the auction, the sale is cancelled ipso jure, without prejudice to damages. Interest due by the defaulting buyer.

Withdrawal of lots : No lot will be handed over before full payment has been received.

In the event of payment by uncertified cheque, the collection of items may be deferred until the cheque has been cashed.

Furniture and objects remain the sole responsibility of the buyer.

Shipment of lots : The shipment of lots is a facility granted by the SVV to clients, the SVV is not responsible for the transportation of lots. Lots will only be shipped at the express written request of the successful bidder after the sale, accompanied by a letter of release from liability, and at the bidder's expense.

Export of lots : The export of lots may be subject to the obtaining of authorisations, under the responsibility of the buyer. The obtaining, refusal or delays in obtaining authorisations may not affect the payment deadline or be grounds for cancelling the sale.

Legislation applicable to cultural property : The State may exercise a right of pre-emption on any public sale of works of art or any private sale of works of art carried out under the conditions set out in article L. 321-9 of the French Commercial Code, whereby it is subrogated to the successful bidder or buyer. The declaration, made by the administrative authority, that it intends to use its right of pre-emption, if any, is made, at the end of the sale, to the public or ministerial officer conducting the auctions or to the operator authorised to organise the public sale or the sale by mutual agreement.

The administrative authority's decision must be taken within fifteen days of the public sale or after notification of the private treaty transaction. EUVRARD & FABRE cannot be held responsible for the conditions of pre-emption by the French State.

The export of certain cultural goods is subject to obtaining a certificate of free circulation for a cultural good. EUVRARD & FABRE and/or the seller cannot under any circumstances be held responsible if the said certificate is refused by the authorities.

Legislative and jurisdictional competence : In accordance with article L 321- 17 of the French Commercial Code, civil liability claims arising from auctions and voluntary and judicial sales of items of furniture by public auction are subject to a five-year statute of limitations from the date of the auction. All disputes relating to these terms and conditions and to sales shall be governed exclusively by French law and submitted to the competent court in Paris, regardless of the place of residence of the buyer or seller. In order to put an end to a dispute arising after the sale between the Seller and the Buyer, EUVRARD & FABRE reserves the discretionary right to acquire the item(s) from the Buyer and to resell it on his behalf, including by public auction, in accordance with the conditions set out in article L 321-5 II of the French Commercial Code. In the event of any dispute with an operator in connection with a voluntary sale, a complaint may be made to the Government Commissioner of the Council for Voluntary Sales of Furniture by Public Auction either by post (19 avenue de l'Opéra 75001 Paris) or by internet (https://https://conseildesventes.fr).

In accordance with the French Data Protection Act of 6 January 1978, amended in 2004, you have the right to access and rectify any information concerning you, which you may exercise by contacting EUVRARD & FABRE. You may also, for legitimate reasons, oppose the processing of data concerning you.

Regulatory reminder : The specimens presented in this session comply with the law. Indeed, the legislator imposes strict rules for the commercial use of inert animal specimens. The International regulation of 3 March 1973 (CITES) imposes for the various appendices a correlation between the specimen and the document proving the legal origin. This regulation transcribed into European Community law (Annexes A/B) in Regulation 338/97 of 9/12/1996 allows the commercial use of regulated specimens (CITES) subject to the presentation of documents or dating elements proving the legal origin; these documents for this sale are as follows :

For recent specimens included in the Washington Convention,

- For Appendix A: CIC provided giving the history of the specimen (for recent specimens)

- For Appendix B: the avian specimens are either ringed or transponded, and are accompanied by documents of legal origin. The auction note for this sale must be kept as it contains the history of each specimen.

Recent protected specimens listed in the French Environment Code are all born and bred in captivity and benefit from the derogation set out in the AM of 14/07/2006. They can therefore be used commercially, provided that the specimen can be traced back to the documents proving its legal origin. Other specimens dated prior to the application regime (AM of 21/07/2015) may therefore be used commercially.

For specimens of huntable species (CH) from the European continent and others, commercial use is permitted under certain conditions.

The other specimens in this sale are not subject to regulation (NR) and are free for any commercial use. The auction slip will serve as proof of legal origin.

A CITES re-export document will be required for Appendix II/A and II/B specimens leaving the EU.

Please note: SVV EUVRARD & FABRE and the Expert will not accept any fraudulent use of the specimens offered for sale in this auction, other than that stipulated by the Law, the Auctioneer and the Expert.

No part of this text may be reproduced without the permission of the Auctioneers and the Expert.