Fine Arts & Collectibles Auction

The following as amended by any posted notices or oral announcements during the sale, constitute the entire terms and conditions on which property listed in the catalog shall be offered for sale or sold by DGW Auctioneers, Inc. and any consignor of such property for whom we act as agents. 0. Buyer's premium is 27% for all online sales (discounted to 23%, if the payment method is cash, check issued by a U.S. bank or Wire Transfer). 1. As used herein the term "Bid Price" means the price at which a lot is knocked down to the purchaser and the term "Purchase Price" means the aggregate of (a) the bid price (b) buyer's premium and (c) unless the purchaser is exempt by law from the payment thereof, any California state or local sales tax (or compensating use tax of another state) and other applicable taxes. Unless exemption from such taxes is established to our satisfaction, any purchaser claiming an exemption will be required to pay the tax to us and seek a refund from the State of California. 2. On the fall of the auctioneer's hammer, the highest bidder shall be deemed to have purchased the offered lot in accordance with all of the conditions set forth herein and thereupon (a) assumes full risk and responsibility therefore (b) will pay the purchase price in full or such part as we may require for all lots purchased. To prevent misdelivery and inconvenience in settlement of a purchase, no lot may be transferred. All property shall be removed from our premises at the purchaser's expense not later than 4:00 PM five days following the date of the sale, unless other arrangements have been agreed with us prior to the auction. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us and the consignor by law, including but without limitation the right to hold the purchaser liable for the 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 on three day's notice to the purchaser and for the account and risk of the purchaser, either publicly or privately, and in such event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our regular rates, all other charges due hereunder and incidental damages. 3. All lots are sold AS-IS and without recourse and neither DGW Auctioneers, Inc., nor its employees or consignor(s) make any warranties or representations, express or implied with respect to such lots. Neither DGW Auctioneers. Inc., nor its employees or consignors makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalog or other description of the physical condition, size, quality, rarity, importance, medium, source, origin, exhibitions, literature or historical significance of any lot sold. Condition reports are usually available on request on lots with a low estimate of $200 and over. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement whether written or oral, and whether made in a catalogue, an advertisement, a bill or sale, a salesroom posting or announcement, the remarks of the auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. 4. We reserve the right to withdraw any property at any time before actual sale. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalog and no lot shall be divided for sale. 5. We reserve the right to reject a bid from any bidder. The highest bidder acknowledged by the auctioneer shall be the purchaser. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to reoffer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be conclusive in all respects. 6. If we are prevented by fire, theft, or any other reason whatsoever from delivering any property to the purchaser, our liability shall be limited to the sum actually paid therefore by the purchaser. 7. Where the consignor is indebted to or has a monetary guarantee from us, and in certain instances, we may have any interest in the offered lots and the proceeds there from other than our commissions, we may bid therefore through a representative or agent to protect such interest. We are entitled to our standard commission rate where a lot is "bought-in" to protect our interest. 8. If a lot is offered subject to a reserve (the confidential minimum price below which a lot will not be sold), we may implement such reserve by bidding on behalf of the consignor. Consignors are not allowed to bid on their own items. 9. All statements contained in the catalog or in any bill of sale, invoice or elsewhere as to authorship, period, culture, source, origin, measurement or condition are qualified statements and shall not be deemed to be representations or warranties. No employee of DGW Auctioneers, Inc. is authorized to make on our behalf or that of the consignor any representation or warranty, oral or written with respect to any property. 10. Packing and Shipping: If your bid is successful, we can provide you with a list of shippers. We will not be responsible for the acts or omissions of carriers or packers whether or not recommended by us. Property will not be released to the shipper without the buyer's written consent and until payment has been made in full. If DGW agrees to pack the item(s), Packing and handling is at the entire risk of the purchaser, and DGW Auctioneers, Inc. will have no liability of any loss or damage to such items. 11. Payment terms: All items are to be paid for by (a) Cash, (b) Cashiers Check (c) Personal check with approved credit (d) Bank to Bank Wire Transfer (e) Visa/ Mastercard. ** First time buyers must pay for their items by Wire Transfer or by U.S. bank issued check**. ** If the payment is made by check, the merchandise will not be released until the check is cleares**. Wire Transfer Payments: Buyer is responsible for cost of remitting their wire. 12. Online Bids: Prospective buyers are strongly advised to personally examine any property in which they are interested before the auction takes place. All lots are sold AS-IS and without recourse and neither DGW Auctioneers, Inc., nor its employees or consignor(s) make any warranties or representations, express or implied with respect to such lots. Condition reports are usually available on request on lots with a low estimate of $200 and over. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. 13. Absentee Bids: As a service to those wishing to place bids, we will accept such bids without charge in advance of the sale via our website or in writing on bidding forms available from us. "Buy" bids will not be accepted; all bids must state the highest bid price the bidder is willing to pay. Please refer to the increments below. As noted above, buyers premium payable by the purchaser will be added to the bid price. In the event identical bids are submitted, the earliest bid shall take precedence. Absentee bids shall be executed in competition with other absentee bids, any applicable reserve and bids from the audience. 14. Estimated Prices: As a convenience to our clients, we may furnish pre-sale estimates for materials included in the auctions. These estimates are only our approximate valuations and should be taken as educated guesses based upon comparable auction values, not as "prices". Bidding normally begins at about one-third to one half the estimate but the final bid price may well be less than or more than any estimate given. 15. Purchased items that have been paid for, but not collected within 60 days of the auction are deemed abandoned by the purchaser and DGW has the right to dispose of the said items. DGW Auctioneers, Inc. uses the following increment multiples: 0 - 50 $5 increments 50 - 200 $10 increments 200 - 500 $25 increments 500 - 1,000 $50 increments 1,000 - 5,000 $100 increments 5,000 - 10,000 $500 increments 10,000 - 20,000 $1,000 increments 20,000 - 50,000 $2,000 increments 50,000 - 100,000+ $5,000 increments or at Auctioneer's discretion.

Bidders with open disputes are automatically excluded from approval. It is bidder's responsibility to provide us a satisfactory explanation of the dispute in question before they can be approved.