1. Appraisals and expert opinions shall be prepared by the assessing person in a conscientious manner and to the best of her/his knowledge and belief.

2. Should an appraisal require special knowledge beyond that possessed by the designated expert, an appropriate specialist, where possible, shall be chosen from among the members of the Swiss Art Trading Association for the purpose of fulfilling these requirements.

3. Estimates are conducted with regard to the respective market value, provided that the commissioner does not expressly demand an appraisal on the basis of family prices or connoisseur’s prices.

4. Each appraisal and each expert opinion shall be subject to an appropriate fee. This fee represents a percentage of the value of the object and reflects the time spent in the assessment process.

5. The following approaches of fee measurement shall apply:

a) The standard fee shall encompass a percentage ranging from 1 to 5 percent of the estimated value of the object, with the exact fee amount being dependent upon the significance of the object and the time spent in the assessment process as well as the project in its entirety.

b) In special situations, the parties can refrain from following this approach and instead adhere to a prior express agreement. In such instances, the hourly fee rate shall amount to CHF 280.-

c) The same approaches are applicable to the assessment of written works and documentations.

d) Travel expenses will be invoiced separately.

6. The assessing person shall not be held liable by the commissioner.

7. This tariff is binding for all members of the three associations as indicated as of the 14th of May 1977. All prior agreements are no longer valid.

In the name of the umbrella organization of the Swiss art Trading Association.