Tavern on the Green - Day 1 - January 13

SPECIAL TERMS & CONDITIONS FOR GUERNSEY'S TAVERN ON THE GREEN AUCTION 1) PROMPT PAYMENT & REMOVAL OF PURCHASES Inasmuch as access to Tavern on the Green will be available for only a short time following the auction, IT IS ESSENTIAL THAT PURCHASES BE PAID FOR AND REMOVED PROMPTLY. It is the obligation of each successful bidder, whether in person, by internet, as an absentee bidder or otherwise, to MAKE PAYMENT IN FULL by certified check, bank check, wire transfer, personal check, cash or credit card ON OR BEFORE JANUARY 22, 2010 and to REMOVE ALL PURCHASES, after payment, PRIOR TO FEBRUARY 8, 2010. THE SUCCESSFUL BIDDER WILL BEAR RISK OF LOSS FOR ALL ITEMS WHICH HAVE NOT BEEN PAID FOR AND REMOVED PRIOR TO THE ABOVE DATE. Time is of the essence as to payment and removal. Neither Guernsey's nor the Consignor has any obligation regarding storage or shipment. Effective February 8, 2010, Tavern on the Green will lose possession of its space and all items which have not been paid for and removed may become the property of the City of New York. In such event, the successful bidder will lose the right to retrieve the property but will remain liable for payment of all amounts due, together with reasonable attorneys' fees in the event litigation is required to secure payment. Please see Guernsey's Standard Terms & Conditions for additional information. 2) ALL PROPERTIES ARE SOLD AS IS, and neither we nor the Consigner make any warranties or representations with respect to any lot sold including but not limited to the correctness of the catalogue or other description of the origin, physical condition, size, quality, rarity, attribution, authorship, importance, medium, provenance, exhibitions, literature or historical relevance of the property, and no statement anywhere, whether oral or written, shall be deemed such a warranty or representation. A note about the chandeliers: Due to their age and complexity (most chandeliers contain hundreds if not thousands of pieces) some chandeliers may contain cracked or otherwise damaged elements. Buyers, and/or their representatives, are urged to carefully inspect these items as all lots in this auction are being sold as is. 3) PROFESSIONAL ASSISTANCE WILL BE NECESSARY FOR REMOVAL OF CERTAIN ITEMS Whereas many of the items at Tavern on the Green can be easily removed (such as a carton of china or a framed painting) certain items will require professional expertise to dismantle and remove. Because the sale is being held at Tavern, during the auction items will remain in place where they were while the restaurant was operational. For items that are physically attached to the restaurant's structure, the services of a professional will be required to remove them, and the costs for such services will be the responsibility of the buyer. For example, a chandelier or etched glass mirror that was installed in the Chestnut Room will remain hanging in the Chestnut Room during the auction, and it will be the buyer's responsibility to have such an item professionally removed. Buyers are free to engage their own preferred professional or TAKE ADVANTAGE OF ORGANIZATIONS THAT HAVE SPECIFIC EXPERTISE HANDLING THE DELICATE AND COMPLEX ARTIFACTS OF THE TAVERN. As an accommodation to buyers, representatives of several such firms will be onsite prior to and during the auction. These companies are listed below, should buyers wish to consult with them in advance of the auction: Gemini Cut Glass (Chandeliers) Eric Zelwian 201-568-7722 Sigstedt Design Studio (Stained glass) Val Sigstedt 215-297-5924 Art Groove (Murals) Ron Genereux 212-244-7199 Mana Fine Art (packing & transport) Vanessa White 800-330-9659 ext 512 Micha Long 800-330-9659 ext 424 (Please be aware that neither Guernsey's nor Tavern on the Green will receive any portion of fees buyers may agree to pay for professional services, and neither Guernsey's nor Tavern on the Green participates in nor will have any responsibility or liability for any transaction between a buyer and a professional service provider.) 4) ALL POSTED QUANTITIES FOR LARGE LOTS ARE APPROXIMATE Every effort has been made to provide accurate counts of items existing in quantity that are being sold in this auction. However, with Tavern on the Green still in operation as these inventories were recorded, numbers are subject to minor change. For example, a lot containing 10 dozen tablecloths would be presumed to include 120 items. However, if 3 tablecloths were needed by the restaurant during its final days and became soiled to the extent that they could not be cleaned, that lot would contain 117 tablecloths. To help protect the buyer from these potential shortfalls, Guernsey's has not included every item currently in stock in its lot offerings, which should, in most cases, allow for the replenishing of items lost to restaurant use. NEVERTHELESS, ALL POSTED QUANTITIES FOR LARGE LOTS ARE APPROXIMATE. Standard Terms & Conditions The online and CD catalogue and printed auction listing, as amended by any posted notices during the sale, together with the purchaser's registration statement, is Guernsey's and the Consigner's entire agreement with the purchaser relative to the property listed herein. The following conditions of sale are the only terms and conditions by which all properties are offered for sale. The property will be offered by us as the agent for the Consigner unless the catalogue indicates otherwise. By bidding at auction, whether present in person or by agent, by written bid, telephone, internet or by other means, the buyer agrees to be bound by these Conditions of Sale. 1. ALL PROPERTIES ARE SOLD AS IS, and neither we nor the Consigner make any warranties or representations with respect to any lot sold including but not limited to the correctness of the catalogue or other description of the origin, physical condition, size, quality, rarity, attribution, authorship, importance, medium, provenance, exhibitions, literature or historical relevance of the property, and no statement anywhere, whether oral or written, shall be deemed such a warranty or representation. All sizes listed are approximate and listed in inches, unless otherwise specified. Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored. WE AND THE CONSIGNOR DISCLAIM ANY AND ALL WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. NO WARRANTIES ARE MADE THAT ANY OF THE MERCHANDISE COMPLIES WITH ANY APPLICABLE GOVERNMENTAL RULES, REGULATIONS OR ORDINANCES OF ANY KIND OR NATURE WHATSOEVER. Neither Guernsey's as agent nor the Consigner is responsible for any faults or defects in any lot or the correctness of any statement as to the authorship of any origin, authorship, date, age, attribution, genuineness, provenance or condition of any lot. 2. A buyer's premium of 22% will be added to the purchase of all lots in the sale. This premium is payable by the purchaser as part of the total purchase price. Guernsey's also receives a commission directly from the Consigner. 3. We reserve the right to withdraw any property before the sale. 4. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue. 5. All bids placed, and all payments made must be in U.S. dollars drawn on a U.S. Bank. 6. Payments are due promptly at the conclusion of the auction, and in the case of absentee and internet bidders, immediately upon receipt of invoice. 7. We reserve the right to reject any bid. The highest bidder, acknowledged by the auctioneer, will be the purchaser. In the event of a dispute between bidders, or in the event of doubt on our part as to the validity of any bid, the auctioneer will have the final discretion whether to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sale records are conclusive. Although in our discretion, we will execute other order bids or accept telephone bids as a convenience to clients who are not present at auctions, we are not responsible for any errors or omissions in connection therewith. 8. If the auctioneer decides that any opening bid is below the value of the article offered, he or she may reject the same and withdraw the article from sale, and if having acknowledged on opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject the advance. 9. A Reserve is the confidential minimum price below which such a lot will not be sold. Should an item have a reserve, said reserve will be indicated either in the lot description (RESERVE), or on the Addenda, as well as in the online catalogue. We may implement such reserves by bidding on behalf of the Consignor. In certain instances the Consignor may pay us less than the standard commission rate where a lot is "bought in" to protect its reserve. Where the Consignor is indebted to us or has a monetary guarantee from us, and in certain other instances where we or any affiliated companies may have an interest in the offered lots and the proceeds there from other than our commission, we may bid therefore to protect such interests. Guernsey's may act to protect the reserve by bidding through the auctioneer. The auctioneer may open 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. 10. Lots marked with W following their number are the property of Warner LeRoy Family Interests, and have not been consigned by Tavern on the Green. 11. On the fall of the auctioneer's hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, subject to fulfillment by such bidder, of all the conditions set forth herein, and such bidder thereupon a) assumes full risk and responsibility thereof, but not limited to, insurance, fire, theft, removal and storage or damage from any and all causes, and b) will pay the full purchase price thereof or such part as we may require. In addition to other remedies available to us by law, we reserve the right to impose a late charge of 1 1/2% per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. REGARDING ANY PURCHASER WHO IS REPRESENTED BY A BIDDER: BIDDERS ARE PERSONALLY AND INDIVIDUALLY RESPONSIBLE FOR ANY OBLIGATIONS OF THE PURCHASER SET FORTH IN THE TERMS AND CONDITIONS OF SALE. If any applicable conditions herein are not complied with by the purchaser, in addition to other remedies available to us and the Consigner by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, we at our option may either, a) cancel the sale, retaining as liquidated damages all payments made by the purchaser, or b) resell the property at public auction without reserve, and the purchaser will be liable for any deficiency costs including handling charges, the expenses of both sales, our commissions on both sales at our regular rates, reasonable attorney's fees, incidental damages, and all other charges due hereunder. In the event that such a buyer pays a portion of the purchase price for any or all lots purchased, Guernsey's shall apply the payment received to such lot or lots that Guernsey's, in its sole discretion deems appropriate. In the case of default, purchaser shall be liable for legal fees and expenses. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. We shall have the rights afforded a secured party under the New York Uniform Commercial Code with respect to such property and we may apply against such obligations all monies held or received by us for the account of, due from us to, such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or, in the case of bank or cashier's checks, we have confirmed their authenticity. Upon collection of funds, purchaser shall receive a bill of sale for the concerned items of merchandise. 12. Unless exempted by law, the purchaser will be required to pay New York state and local sales tax or any applicable compensating use tax of another state on the total purchase price. Deliveries outside the state may be subject to the compensating use tax of another state. Where duty or collection is imposed on Guernsey's by law, it will require payment of these taxes. 13. These Terms and Conditions of Sale as well as the purchaser's and our respective rights and obligations thereunder shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, whether present in person or by agent, order bid, telephone, internet or by other means, the purchaser shall be deemed to have consented to the exclusive jurisdiction of the State of New York, with exclusive venue in the County of New York. 14. We are not responsible for the act or omissions of carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots by us is at the entire risk of the purchaser. In no event will our liability to a purchaser exceed the purchase price actually paid. 15. Should any disputes arise pertaining to purchases at this auction or any other matters relating to the auction, such disputes shall be brought in the courts of the State of New York. Venue shall be within the County of New York. 16. Any claim regarding a purchase must be made by the successful bidder to Guernsey's, in writing, certified mail, return receipt requested, within 90 days of the final day of the live auction. Thereafter, all claims shall be time-barred. It is Guernsey's general policy, and Guernsey's has the right to have the purchase obtain, at the purchaser's expense, the opinion of two recognized experts in the field, mutually agreeable to Guernsey's and the purchaser. 17. The copyrights in and to the items depicted in this catalogue, and the rights of publicity to the names, images and likenesses of persons or items depicted in this catalogue, are exclusively owned by the Consignor of the property or third parties. A BUYER OF AN ITEM OFFERED FOR SALE DOES NOT ACQUIRE ANY COPYRIGHT, COMMERCIAL RIGHT, OR SIMILAR RIGHT WHATSOEVER TO THE ITEMS OR THE IMAGES OR LIKENESSES CONTAINED THEREIN AND THE BUYER MAY NOT REPRODUCE ANY ITEM PURCHASED WITHOUT THE EXPRESS WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. No copies or photographs, catalogue descriptions or other written material in this catalogue may be reproduced in any manner without the express written permission of the copyright holder. Participating in the Auction Bidding & Pre-establishing Credit In an effort to facilitate your rapid removal of items immediately following the auction, you can pre-establish credit with Guernsey's. Having done so, you need only write a check for the amount of your purchase (assuming it is within the range of your credit line) and you can remove your purchases. The easiest way to accomplish establishing credit is to provide an Irrevocable Letter of Credit or a Bank Letter of Guarantee from your bank stating that they will guarantee your check up to an indicated amount. Such letters normally have a time limit and therefore, for this auction, a 14 business day limit from the day of the auction would be appropriate. The bank letter should include the bank officer's name and telephone number and should state that the letter is for Guernsey's Tavern on the Green Auction, January 13 - 15, 2010. The letter should be addressed to Barbara Mintz, Vice President of Guernsey's, and indicate the limit to which the checks can be written. You Can Bid at this Auction without Pre-establishing Credit Without pre-establishing credit, unless you pay with cash, bank check or certified check, wire transfer or credit card, your purchases will be held until your personal check clears (usually about 10 business days). In such cases you may be responsible for shipping and handling costs. (Please see Removal/Shipment of Purchases.) Guernsey's may accept current and valid Visa and MasterCard credit cards for payment of purchases, but under the express condition that any property purchased by credit card shall not be refundable, returnable, or exchangeable, and that no credit to buyer's credit card account will be issued under any circumstances. Absentee Bidding Although all are welcome to attend the auction in person, it is clear that some may wish to participate as Absentee Bidders. To facilitate absentee bidding, one may bid by completing an Absentee Bid Form and mailing or faxing the form to Guernsey's prior to the auction. One can also bid by telephone during the actual auction by contacting Guernsey's well in advance of the auction dates to arrange for this method of bidding. Shipping, handling and insurance for all absentee bid items are the responsibility of the wining bidder. Bidding increments are at the discretion of the auctioneer. In the case of tie bids the first bid received will be given priority. Absentee bidder invoices will be sent promptly by mail and fax and must be paid in full immediately, upon receipt of invoice. Invoices to Internet bidders will be sent promptly by email and must be paid in full immediately. All payments must be received by Guernsey's by January 22, 2010, unless other specific arrangements have been made in advance with Guernsey's. Absentee Bid Form Instructions 1. Fill out the Absentee Bid Form which can be downloaded from our website, or by calling our office. 2. Indicate if you wish to Bid By Phone or Bid By Mail. If you wish to Bid By Phone, be sure to provide the phone number where you can be reached during the auction. Phone bids will be executed by Guernsey's telephoning the bidder on the indicated lots as they are sold at the live auction. Please return the form early to reserve a phone, as a limited number of lines are available per lot on a first come basis. 3. All Top Bid Amounts must be indicated in U.S. dollars. If you wish to Bid By Mail, you must indicate a Top Bid Amount. If you wish to Bid By Phone we encourage you to indicate a Top Bid Amount. Although we will make every reasonable effort to telephone you at the appropriate time during the auction, our experience indicates that there is always the possibility that for a variety of technical (and human) reasons we may not be able to reach you at that time. In the event that were to occur, to avoid disappointment, WE STRONGLY SUGGEST THAT YOU INDICATE YOUR TOP BID IN THE SPACE PROVIDED AFTER CHECKING THE BOX AUTHORIZING GUERNSEY'S TO EXECUTE YOUR BIDS UP TO THE LEVEL INDICATED. 4. Please print clearly and list all lots in numerical order. Use multiple forms, if needed. 5. Sign and date the form. Internet Bidding Those who are unable to attend the auction but would like to participate can view the full catalogue online, and leave advance absentee bids, as well as bid live as the sale is taking place at www.Liveauctioneers.com. For further information, please visit Guernsey's website or Liveauctioneers.com. Links from the Guernsey's website will be available approximately one month before the event. Lots listed can be bid on through Liveauctioneers.com prior to - and during - the live auction. Removal/Shipment of Purchases (Please see additional "Special Terms & Condition" for this auction) PURCHASERS ARE RESPONSIBLE FOR ALL SHIPPING AND PACKING COSTS, AS WELL AS ALL COSTS ASSOCIATED WITH DISASSEMBLY OR REMOVAL OF ATTACHED ITEMS. Inasmuch as access to Tavern on the Green will be available for only a short time following the auction, IT IS ESSENTIAL THAT ALL ITEMS BE PAID FOR AND REMOVED PROMPTLY. Successful bidders have three options: 1) You may pay for and remove your portable item(s) yourself anytime during or at the conclusion of the auction, or 2) you may pay for your item(s) immediately and then arrange for their removal and packing by a professional art handler and shipper of your choice and inform Guernsey's of your intent, or 3) you may make such arrangements with one of the professional companies on site at the auction. In some cases, there may be savings of sales tax by the use of a recognized, licensed transport company. Should you wish to learn more about your shipping options please contact Guernsey's or one of the companies listed on the enclosed "Special Terms & Conditions" prior to the auction. If you are a successful Internet or Absentee Bidder.. 1. You will receive an invoice following the auction (Internet bidders by email, Absentee bidders by snail mail). If you believe you are a successful bidder and don't receive an invoice, please contact Guernsey's (212-794-2280; sjaffe@guernseys.com) 2. Payment is due IMMEDIATELY receipt of invoice. 3. Purchases paid for by wire transfer, bank or cashier's check, or credit card (Visa and MasterCard only) will be available for release immediately. 4. Purchases paid for by personal or business check will be held until the check has cleared (please allow 10 business days from receipt of payment). Shipping Options for Absentee and Internet Bidders (please see "Special Terms & Conditions" for more information regarding removal and shipping) Auction items sold to absentee and Internet bidders must for promptly paid for and removed from Tavern on the Green no later than February 8, 2010. Following receipt of payment in cleared funds, you will have the following options: 1. Pick up your purchases directly from Tavern on the Green. 2. Arrange for your own packing, shipping and pick-up with a shipper of your choice, notifying Guernsey's of your intent. 3. Arrange with one of the companies represented at the auction site to provide professional handling and shipping of your purchases. 4. The shipper or carrier you choose will charge you directly for their fees for packing and shipping your items to you. Purchasers are responsible for all shipping costs, as well as all costs associated with the professional disassembly, removal, and packing of their purchases. In some cases, there may be savings of sales tax by the use of a recognized, licensed transport company. Should you wish to learn more about your shipping options, please contact Guernsey's prior to the auction.

Unless exempted by law, the purchaser will be required to pay New York state and local sales tax or any applicable compensating use tax of another state on the total purchase price. Deliveries outside the state may be subject to the compensating use tax of another state. Where duty or collection is imposed on Guernsey's by law, it will require payment of these taxes.