The Naylor Collection

This catalogue, 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% on any amount bid up to $100,000 will be added to the purchase of all lots in the sale. On bids in excess of $100,000, the buyer's premium is 22% on the first $100,000 of the bid, and 18% thereafter. 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 bidders, within 10 days of 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 reoffer 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. 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. 10. 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. 11. 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 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. 12. 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. 13. Estimates do not represent any opinion or guarantee of actual value or ultimate sale price. Actual prices realized for items can fall below or above this range. They should not be relied upon as a prediction or guarantee of the actual selling price. They are prepared well in advance of the sale and are subject to revision. 14. 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. 15. 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. 16. 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 October 18-21, 2007 Auction. 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 Without Pre-establishing Credit You can use the Bidder Registration Form inserted in this catalogue, which can be mailed or faxed to Guernsey's, or fill out a similar form when you arrive at the preview or the auction. Without pre-establishing credit, unless you pay with cash(In House Only) or bank check or certified check, 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.) 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 filling out the Absentee Bid Form (on the previous page) and mail or fax the form to Guernsey's (contact information on title page) 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 and must be paid in full within 10 days after receipt. Absentee Bid Form Instructions 1. Fill out the Absentee Bid Form included in this catalogue or download a copy from our website. 2. Indicate if you with 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. All lots in this catalogue and in the addendum to this catalogue can be bid on eBay Live Auctions through Liveauctioneers.com prior to - and during - the live auction. REMOVAL/SHIPMENT OF PURCHASES Inasmuch as Guernsey's does not permanently occupy the Americas' Society it is essential that all items be either 1) paid for immediately after the conclusion of the auction (items can be paid for and removed at any time during the event) and immediately removed, or 2) paid for immediately, making arrangements for the removal of the items by the shipper of your choice and alerting Guernsey's of your intent. Purchasers will be responsible for all shipping costs, as well as packing costs for large or fragile items or items that may require professional packing. 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. 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; auctions@guernseys.com) 2. Payment is due promptly upon receipt of invoice. 3. Purchases paid for by wire transfer or by bank or cashier's check will be available for release immediately. 4. Purchases paid for by personal or business check will be held until the check has cleared (normally about 10 business days from receipt of payment) SHIPPING OPTIONS FOR ABSENTEE AND INTERNET BIDDERS When purchases are available for release you will be contacted by Guernsey's (if you don't hear from us please don't hesitate to contact us). You'll then have the following options: 1. Pick up your purchases directly from Guernsey's warehouse in New York City. 2. Arrange for your own packing, shipping and pick-up with a shipper of your choice. 3. Guernsey's will oversee packing and shipping of your purchases by a shipper of your choice (FedEx, UPS, Mail Boxes Etc, or an independent trucker). a. The shipper or carrier you choose will charge you directly for their fees. b. If your items are small, not fragile, and do not require specialized packing, Guernsey's will pack them. c. For this service, Guernsey's will charge a small handling charge based on the level of your total purchase, as follows:: Total purchases Handling fee up to $1000. $20.00 $1,001. - $5,000. $40.00 $5,000. and up $60.00 d. For items that are overly large or fragile, we strongly recommend using a professional packer such as Mail Boxes Etc. Packing fees for this service would be charged directly to you by the packing service. Purchasers will be responsible for all shipping costs. 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.

In the 1950s, Thurman F. (Jack) Naylor began collecting cameras, images, photographic technology, and associated ephemera. Mr. Naylor traversed the world on a quest to acquire an unprecedented selection of artifacts representing the entire history of photography. Over the course of more than 50 years he amassed many thousands of items, a collection that Smithsonian Magazine has described as indisputably the most comprehensive . . . in the world.