Pablo PICASSO (1881 - 1973) Woman on the Balcony. OEuvre Gra - Lot 66

Sale at Drouot Richelieu, room 7, Wednesday December 17 at 2pm.

Public exhibitions:

Saturday, December 13, 11 a.m.-6 p.m.

Monday, December 15, 11 a.m.-6 p.m.

Tuesday, December 16, from 11 a.m. to 6 p.m.

The morning of the sale from 11 a.m. to 12 p.m.

The successful bidder is required to pay the hammer price in full, along with applicable fees and taxes, including cumulatively:

1. A buyer’s premium of 30.00% including tax,
2. Platform usage fees applicable to the hammer price:
3. Drouot.com (Drouot Live): 1.5% (i.e. 1.8% including tax),
4. Possible storage fees in case the lot is not collected.

After the sale, lots are stored at the Hôtel Drouot warehouse, unless expressly stated otherwise by FERRI.

FERRI does not handle any packaging or shipping.

FERRI SARL (limited liability company) is a voluntary auction operator for the public sale of movable property, governed by Articles L321-4 and following of the French Commercial Code. It is registered with the Paris Trade and Companies Register under SIREN number 442 577 573, with its registered office at 53 rue Vivienne – 75002 Paris.

In this capacity, FERRI acts as an agent for the seller, who subsequently enters into a contract with the successful bidder through FERRI. The relationship between FERRI and the bidder is governed by these General Terms and Conditions of Purchase (hereinafter, the "GTC").

The lots are sold by the seller to the successful bidder; FERRI is not a party to the sales contract.

ACCEPTANCE, ENFORCEABILITY, AND MODIFICATION OF THE GTC

The GTC apply without restriction or reservation to the relationship between FERRI and any bidder. The GTC are made available prior to the sale on FERRI’s website, as well as in the catalogue for the relevant auction. By placing a bid—regardless of the method used—the bidder declares that they have read and accepted, without reservations, the GTC.

This version of the GTC is applicable to the relationship between the parties at the time of the sale and is subject to written or verbal amendments made before or during the sale, which are recorded in the official sales report (procès-verbal de vente).

BEFORE THE SALE

1. Information Regarding the Lots

The descriptions provided in the catalogue are written to the best of FERRI’s and the assisting expert’s knowledge (where applicable) as of the date of the sale, and with all due diligence.

They are subject to any modifications, declarations, or corrections made verbally at the time of the lot’s presentation, and these are recorded in the official sales report.

Second-hand goods are not covered by the legal warranty of conformity as referenced in Article L.217-2 of the French Consumer Code.

1.1 Condition of Lots and Condition Reports

Lots are sold in the condition in which they are found at the time of the sale. It is therefore the responsibility of prospective bidders to examine each lot prior to the sale, notably during the exhibitions. The absence of any mention in the catalogue in no way implies that the lot is in perfect condition or free from damage, accidents, incidents, or restorations. Only the presence of repairs, restorations, additional damage or significant changes to the weight of a lot is to be disclosed. The dimensions and weights of the lots are given for information purposes only. Similarly, the mention of certain defects does not imply the absence of other flaws. Condition or conservation reports may be provided free of charge upon request and as a courtesy; however, since FERRI and its experts are not professional restorers, such condition reports do not replace the advice of qualified professionals.

1.2 Works of Art and Collectibles

FERRI reminds bidders that the use of the term "attributed to" followed by an artist’s name indicates that the work or object was created during the artist's period of activity and that serious presumptions point to that artist as the likely author. The term "circle of" means that the work or object was created by an artist contemporary with the named artist, who was heavily influenced by the master's work. The phrase "studio of" followed by an artist’s name guarantees that the work was produced in the master’s studio but executed by students under the master's supervision. Expressions such as "in the style of," "manner of," "genre of," "after," or "in the taste of" do not imply any specific guarantee regarding the identity of the artist, the date of the work, or the school.

1.3 Provenance

FERRI reminds bidders that provenance information is provided by the seller, and FERRI cannot be held liable for its accuracy. If the seller has requested confidentiality, or if the identity of previous owners is unknown due to the age of the lot, no provenance information will be provided in the catalogue description.

1.4 Modifications to Information

Information appearing in the catalogue may be modified or corrected up to the time of the sale.

Such changes are brought to the public’s attention either through an announcement by the auctioneer at the time of the sale or via appropriate signage in the auction room. These changes are recorded in the official sales report.

1.5 Illustration of Lots

Photographs of lots for sale, whether in the catalogue, on FERRI’s website, or on intermediary platforms used by FERRI, do not carry greater contractual value than the written descriptions in the catalogue. These images are provided for informational purposes only, and the colors of artworks or objects reproduced in the catalogue may differ from the actual colors. Such differences may result—but are not limited to—technical adjustments, photographic quality, or the reproduction medium.

1.6 Watches and Horology Items

Watches and horological items may contain parts that are not original. Restorations, technical characteristics, serial numbers, dimensions, and weights are provided for informational purposes only. FERRI offers no guarantee as to whether the watch or horological item is in working order. It is the sole responsibility of the bidder to assess the functionality, any potential restoration needs, and/or the water resistance of such items. All costs related to restoration, servicing, adjustments, or waterproofing are the exclusive responsibility of the successful bidder.

1. Gemstones and Jewelry

FERRI or the expert uses terminology in accordance with the standards and technical regulations as defined by Decree No. 2002-65 of January 14, 2002.

1. a) FERRI or the expert designates stones that have been modified by "traditional lapidary practices" in the same way as unmodified stones (Art. 3).
2. b) Stones modified by other methods are designated by FERRI or the expert using the name of the stone followed by the term "treated" or a specification of the treatment applied (Art. 2).

Stones not accompanied by certificates or laboratory reports are evaluated by FERRI or the expert, taking into account possible modifications as per paragraph (a).

FERRI or the expert is available to provide buyers with additional information concerning Decree No. 2002-65 or the various types of treatments.

Gemstone and pearl identification techniques and the conclusions of analysis regarding their origin and classification may vary between laboratories. As a result, it is possible to obtain different outcomes depending on the laboratory consulted. FERRI and the expert cannot be held responsible for such differences.

HPHT treatment detection (High Pressure High Temperature) is carried out by FERRI or the expert using optical transmission methods.

Stones presented without a laboratory certificate are sold with no guarantee whatsoever regarding the presence or absence of any treatment.

2. Lot Estimates

FERRI reminds bidders that estimates are based on the condition, rarity, quality, and provenance of the lots, as well as on recent auction prices achieved for similar items. Estimates may be subject to change. Estimates are provided for informational purposes only and should not be interpreted as a guarantee that the lot will be sold at the estimated price or within the estimated range. As such, estimates do not constitute any form of warranty. Estimates do not include the buyer’s premium, taxes, or any other applicable fees.

3. Withdrawal of a Lot

FERRI reserves the right to withdraw a lot at any time, either before or during the auction.

This decision is at FERRI’s sole discretion and does not incur any liability towards any bidder.

4. Public Viewing Before the Sale and Catalogue

FERRI may choose to organize public viewings prior to the sale, the details of which are provided in the catalogue or via any relevant sale material. All prospective bidders are encouraged to examine the lots prior to the auction. Lots are exhibited with appropriate security measures, and any handling by visitors is done at their own risk.

THE AUCTION

1. Registration and Access to the auction

To ensure the proper organization of the auction, bidders are invited to register with FERRI prior to the auction, providing proof of identity and bank references. FERRI reserves the right to request a security deposit, the amount of which will be refunded after the sale if the bidder is not the successful purchaser of any lot, according to the timeframe specific to the platform through which the deposit was originally made. FERRI also reserves the right to deny access to the auction to any bidder for legitimate reasons.

Bidders are deemed to be bidding on their own behalf. If bidding on behalf of another party, the bidder must inform FERRI in advance and confirm that they are duly authorized by the third party, whose identification and bank references must also be provided. Any false statement shall render the bidder personally liable. If the bidder acts as an agent for an undisclosed principal, they expressly agree to be personally liable for the payment of the purchase price and all other sums due.

Since FERRI is subject to anti-money laundering and counter-terrorism financing regulations, it reserves the right to request proof of identity from any bidder, in accordance with the provisions of the French Monetary and Financial Code. Failure to provide such documentation, or if such verification is not possible, will prevent the bidder from registering for the auction.

2. Bidding Procedures

2.1 Bidding in the Auction Room

FERRI reminds bidders that the usual way to participate in the auction is by being physically present in the room, unless the auction is conducted entirely online.

FERRI cannot be held liable for any other bidding method, particularly in the event of errors (technical or otherwise), omissions, or connection issues.

1. Absentee Bids and Telephone Bidding

FERRI offers to carry out absentee bids and telephone bidding free of charge, in accordance with the bidder's instructions. To do so, the bidder must submit their request to FERRI by completing the designated form found at the end of the catalogue and including:

1. A valid form of identification
2. (front and back of ID card for individuals; Kbis extract for legal entities),
3. Postal, email, and phone contact details.

This must be sent no later than two (2) hours before the start of the sale. Any request for absentee bidding or telephone bidding must be confirmed by FERRI for it to be valid.

FERRI reserves the right to decline a bid, particularly (but not exclusively) if the bidder does not provide sufficient guarantees. In some cases, the acceptance of an absentee or telephone bid may be subject to a security deposit. Unlimited bids or instructions such as "buy at any price" are not accepted; the bidder must specify a maximum bid amount. In the case of identical absentee bids, priority is given to the first one received. FERRI accepts no liability for errors, failure to connect a telephone call, or failure to reach the bidder by phone at the time of the sale. FERRI may record telephone communications and may retain them until payment has been completed for any purchases.

2.3 Online Bidding via Third-Party Platforms

FERRI may offer the possibility to bid online via third-party platform websites that host the auction. These websites are technical intermediaries that allow remote participation in public auctions held in physical auction rooms. Users wishing to participate in an online auction via these platforms must review and accept, without reservation, the terms of use of those platforms. These terms are independent of and in addition to FERRI’s General Conditions of Sale and may include additional fees related to platform use.

2.4 Online-Only Auctions

FERRI organizes online-only auctions via third-party platforms. Anyone wishing to participate in such online auctions must read and unconditionally accept the terms of use of the relevant platforms, which are separate from and supplement these General Conditions of Sale. Participants must also verify the existence of any fees charged by these third-party websites for their use.

CONDUCT OF THE AUCTION

1. Discretionary Powers of the Licensed Auctioneer and Conduct of the Auction

The licensed auctioneer organizes and conducts the auction at their sole discretion. The auction proceeds in the order of the catalogue numbering, and bidding increments are set at the auctioneer’s discretion. The auctioneer ensures freedom of bidding and equality among bidders. They have the discretionary power to refuse any bid, withdraw a lot from the sale, designate the successful bidder, i.e., the highest and final bidder, once the word “sold” ("adjugé") is pronounced. Bids placed in the auction room take precedence over all other forms of bidding. The auctioneer may also reorder, group, split lots, or withdraw lots from the auction at their discretion. FERRI cannot be held liable for the withdrawal of any lot during the auction, especially concerning absentee bids or telephone bids that may have been submitted for that lot. In the event of a dispute at the moment of sale, for example, if two or more bidders simultaneously place identical bids—whether vocally or by gesture—and claim the lot after the word “sold” has been pronounced, the lot will be immediately re-offered for sale at the last bid amount. All bidders present may participate again.

2. Auction Procedure

The auction is conducted strictly in euros. FERRI may provide bidding conversions in foreign currencies for informational purposes only. In case of currency conversion errors, FERRI shall not be held liable. Only the euro price is legally binding. Access to the lots during the auction is strictly prohibited.

3. Right of Pre-emption

Articles L.123-1 and L.123-2 of the French Heritage Code allow, under certain circumstances, National Museums or the National Library of France (BNF) to exercise a right of pre-emption.

This means they may substitute themselves for the winning bidder on works of art sold at public auction, or following a failed public auction, during a private sale. A State representative present at the auction declares the pre-emption immediately after the fall of the hammer, to the licensed auctioneer. The decision must then be confirmed within fifteen (15) days. Furthermore, under Article R.123-7 of the French Commercial Code, the right of pre-emption may also be exercised electronically. In this case, it must be confirmed within four (4) hours of the time the results are received by the State representative. FERRI cannot be held liable for any decisions made by public authorities regarding pre-emption.

4. Aftersale

Any unsold lots at the close of the public auction may be offered for private sale (aftersale) at FERRI’s discretion. In such cases, the present General Conditions of Sale (GCA) apply in full. A sales slip will be issued, which includes the fees owed in connection with the sale of the lot(s).

EXECUTION OF THE SALE

In the event that the successful bidder was not registered prior to the auction, they must provide the necessary information immediately after the lot is awarded.

1. Payment Obligation

The adjudication (winning bid) transfers ownership and obliges the buyer to pay the hammer price, and all applicable fees and taxes, as detailed below in full. Payment must be made immediately after the auction, in accordance with the terms specified in Article 3 of this section.

No payment deferral is permitted, even if the buyer intends to export the lot and is awaiting an export license. No lot will be delivered until the full amount due has been paid.

2. Buyer’s Premium (Fees)

In addition to the hammer price, the buyer must pay the following fees:

1. 28.80% incl. VAT for sales without a printed catalogue.
2. 30.00% incl. VAT for sales with a printed catalogue.

In addition, payments made with credit cards issued outside the European Union are subject to a 1.5% incl. VAT surcharge, applied to the total amount payable including taxes.

3. VAT (Value Added Tax)

Unless otherwise specified, lots are sold under the special margin scheme as per Article 297A of the French General Tax Code. VAT is charged at a rate of 20% (or 5.5% for books) and is non-recoverable. Buyers outside the EU, or EU professionals who provide a valid intra-community VAT number and proof of export may be eligible for VAT reimbursement on the buyer’s premium. Lots marked with a “*” symbol are sold under the general VAT regime introduced on January 1, 2025. These are subject to 5.5% VAT on the entire hammer price and buyer’s premium.

4. Payment Methods

The buyer may pay using the following methods:

1. Cash: Up to €1,000 incl. fees and taxes for French individuals and merchants, or up to €15,000 incl. fees and taxes for foreign individuals (non-merchants),
2. upon presentation of valid ID with a foreign address. These thresholds apply to the total of all purchases by a single buyer in the same auction.
3. Credit card: Visa and MasterCard accepted. American Express not accepted.
4. Bank transfer: Buyer is responsible for any applicable transfer fees. Payment to be made to the following account: HSBC - IBAN: FR76 3005 6009 1709 1700 1036 408 - SWIFT: CCFRFRPP
5. Online payment via FERRI’s website: https://https://ferri-drouot.com/paiement-en-ligne
6. Cheque: The lot will only be released after the cheque has cleared in FERRI’s account.

In all cases, the delivery of lots is subject to the full receipt of payment. Delivery may be delayed until the complete payment has been processed. Payment must be made in the name of the successful bidder only. Payments from third parties are not accepted, and no changes to the buyer’s identity can be made after the public auction. Installment payments are not accepted.

5. Late Payment

If the full payment of the amount due is not received within thirty (30) days from the issuance of the invoice, FERRI will send the buyer a formal email notice requesting full payment within fifteen (15) days of that notification. If the buyer fails to comply, the amounts due will accrue interest at a rate equal to three times the legal interest rate. In addition to the late payment interest, after a further fifteen (15) days from the sending of formal notice, the buyer will also owe a fixed indemnity of fifty (50) euros for collection costs. Moreover, the buyer will be responsible for all costs and expenses related to the recovery of outstanding sums.

6. Default of Payment

In accordance with Article L.321-14 of the French Commercial Code, in the event of non-payment by the buyer, and after a formal notice sent by registered mail with acknowledgment of receipt remains unanswered, the lot may be resold at the request of the seller through a repeat auction. If the seller does not request the resale within three (3) months following the original adjudication, FERRI is authorized to act on the seller’s behalf and may choose to:

1. Notify the defaulting buyer that the sale is automatically cancelled, without prejudice to any damage. The defaulting buyer remains liable for the auction fees.
2. Pursue the forced execution of the sale, requiring full payment of the hammer price and auction fees, on its own behalf and/or on behalf of the seller, including all costs incurred in collecting the sums owed.

In all cases, the defaulting buyer cannot invoke the termination of the contract as a way to avoid their obligations. FERRI reserves the right to exclude any defaulting buyer, or their representative, from future auctions; add the defaulting buyer or their representative to the blacklist of non-payers maintained by DROUOT SI, thereby banning them from using the Drouot.com platform; note that FERRI participates in the TEMIS system, which allows access to and updates of the database for restricted access to auction sales; proceed with any offsetting of debts, using any amounts that may be owed to the defaulting buyer to cover the outstanding debt.

7. Collection of Lots

7.1 No lot will be released to the buyer until full payment of the hammer price, fees, and applicable taxes has been received. Release is subject to presentation of a release authorization issued by FERRI’s accounting department confirming full payment of the invoice. Lots may be collected during or immediately after the auction session in the auction room. Buyers are required to collect their purchases as soon as possible following full payment. In cases where lots are put in storage facilities following the auction, potential subsequent fees are at the buyer's expense.

7.2 Lots not collected at the end of the auction session are stored at the Magasinage (storage facility) of Hôtel Drouot, unless FERRI has expressly stated otherwise.

For any awarded lot — whether paid for or not — that remains stored at the Hôtel Drouot, the buyer is solely responsible for all related storage fees and any late penalties applicable under the facility’s own terms and conditions and may not hold FERRI liable for any resulting costs or consequences.

8. Transport of Lots – Transfer of Ownership and Risk

Ownership and risk transfer to the buyer upon the pronouncement of the word "sold" ("adjugé") by the licensed auctioneer. Therefore, the buyer is personally responsible for ensuring their purchases as of that moment. FERRI accepts no responsibility for any damage that may occur to the lot once adjudication has taken place and cannot be held liable if the buyer fails to make the necessary arrangements.

FERRI does not provide packing or shipping services. All shipping arrangements and related formalities are entirely the responsibility of the buyer, regardless of their status (professional or private). Buyers must contact a shipping company of their own choosing. Since shipping companies are not employees or representatives of FERRI, FERRI cannot be held liable for any of their actions or omissions. If the buyer chooses to have their purchases shipped by a transport company, they are deemed to accept that company’s terms and conditions and waive any right to hold FERRI liable for any damage or loss resulting from the transport service.

CITES AND EXPORT OF CULTURAL PROPERTY

1. Cultural Property

The export from France or import into another country of a lot may be subject to the laws of the destination or importing country. Exporting any lot out of France or importing it into another country may require one or more export/import licenses. Certain laws may prohibit the importation or resale of a lot in the country into which it is imported. The export of a lot classified as cultural property outside the French customs territory is subject to the issuance of an export certificate by the relevant authorities of the Ministry of Culture, which may take up to four (4) months from the date of application, unless otherwise provided by the French Code du patrimoine. The Ministry of Culture may refuse to issue such a certificate, especially if the cultural good is considered likely to be classified as a national treasure. In any case, FERRI cannot be held liable for any refusal or delay in the issuance of such a certificate. An application for, suspension of, or refusal to grant an export certificate has no effect on the buyer’s obligation to pay, who remains liable to FERRI for the total due amount, including incurred costs. At its discretion, FERRI may handle the certificate application process on behalf of the buyer and may charge all related fees to the buyer. In case of suspension, rejection, or refusal of the certificate, FERRI is not obligated to refund any amount paid by the buyer in connection with the export application.

2. CITES Regulation

The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), signed in Washington on March 3, 1973, aims to protect endangered species and specimens. The export or import of any lot made of or containing any percentage of materials such as ivory, tortoiseshell, crocodile skin, rhinoceroses’ horn, whale bone, certain types of coral, rosewood, etc. may be restricted or prohibited. It is the sole responsibility of the buyer to seek legal advice and ensure they comply with all applicable regulations before placing a bid. Additional information on specific regulatory issues may be noted in the lot description. In some cases, the lot may only be transported if accompanied by an expert report (at the buyer’s expense) confirming the species and/or age of the material in question. FERRI may assist, upon request, in obtaining the necessary permits or expert reports, but all related costs are borne by the buyer. However, FERRI does not guarantee that permits will be granted. In case of refusal or delay in obtaining such permits, the buyer remains fully liable for the purchase price. Such refusal or delay cannot be used to justify a payment delay or cancellation of the sale.

INTELLECTUAL PROPERTY

FERRI holds the exclusive reproduction rights for its catalogue and its content. Any reproduction of the catalogue is strictly prohibited and constitutes an infringement, which may give rise to legal action. Additionally, any reproduction of FERRI's catalogue may constitute the unauthorized reproduction of an artwork, thereby exposing the infringer to potential legal action for copyright infringement by the rights holder of the artwork. The sale of artwork does not grant the new owner any rights of reproduction or public display of the work.

PERSONAL DATA

Bidders are informed that FERRI, in its capacity as data controller, collects and processes personal data for the purpose of executing a contract with the bidder. This includes managing firm purchase orders, telephone bidding, auction participation, and bid awards. Each bidder has the right to access, rectify, delete, limit, object to the processing of their data, or request data portability. Bidders are invited to consult the Privacy Policy, accessible via the "Privacy" link at the bottom of FERRI’s website. Bidders must provide up-to-date and accurate information and are responsible for any false declarations.

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING

In accordance with Article L.561-2, paragraph 14 of the French Monetary and Financial Code, obligations related to anti-money laundering and counter-terrorism financing apply to FERRI in its role as a voluntary sales operator when it conducts a transaction (or a series of linked transactions) for an amount equal to or greater than €10,000. The buyer or their representative agrees to voluntarily and in good faith provide all documents necessary to verify their identity.

Depending on the circumstances, FERRI may be subject to enhanced due diligence, and the buyer or their representative agrees to respond to any queries required for FERRI to fulfill its legal obligations.

GOVERNING LAW AND JURISDICTION

According to Article L.321-17 of the French Commercial Code, any liability action brought against a voluntary sales operator is subject to a five-year statute of limitations from the date of the appraisal or the public auction. FERRI reminds its clients of the existence of the Code of Ethics for Voluntary Sales Operators, adopted by Ministerial Decree of March 30, 2022. This code is available on the website of the Conseil des maisons de vente (French Auction Houses Council). FERRI also informs clients of the possibility of out-of-court dispute resolution by contacting the Government Commissioner at the Conseil des maisons de vente, either online or by registered mail. These terms and conditions are governed exclusively by French law. All disputes regarding the validity, interpretation, performance, execution, consequences, or aftermath of these terms are subject exclusively to the jurisdiction of the competent courts of PARIS (France).