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STANDARD TERMS AND CONDITIONS 1 Applicable Terms And Conditions Each lot in this Catalogue will be offered for sale subject to the terms and conditions set forth below, as changed or supplemented by provisions (i) written in other places in this Catalogue, (ii) written in supplements to this Catalogue or other written material prepared by us, and/or (iii) as stated by the auctioneer or posted in writing at the time of auction, prior to a bid being accepted for the lot. In offering property for sale, we are acting solely as agent for the consignor, unless otherwise indicated in this Catalogue or at the time of auction. By bidding at the auction, whether in person, through an agent, by written bid, by telephone bid, or by other means, the buyer and all bidders agree to be bound by these terms and conditions, as changed or supplemented as provided in this paragraph. 2 Definitions The use of "we," "us," "our" or "PHILLIPS de PURY & COMPANY " in this Catalogue refers to PHILLIPS de PURY & COMPANY LLC and the use of "buyer" refers to the person or entity buying property at the auction or at a private sale. "Standard Terms and Conditions" refers to these terms and conditions, as changed or supplemented in the ways mentioned in Paragraph 1 above. The "consignor" refers to the seller(s) and any party(ies), acting as agent for the seller(s) in consigning the Property to us for sale. A "lot" refers to the lot in which Property is grouped by us. "Property" refers to each item of property listed for sale at auction or by private sale. The "reserve" refers to the minimum price at which the Property is to be sold, and does not include commissions or taxes, if any. 3 Warranty Information; Buyer's Remedies Limited Warranty; Sole Remedy: The authorship of fine art is warranted only as set forth in the Authorship Warranty appearing in this Catalogue. The meaning of "fine art" and "authorship" is also set forth in the Authorship Warranty. Buyer's sole rights and remedy for any nonconformity shall be as expressly set forth in the Authorship Warranty and as provided in this Paragraph 3, whether the claim arises in contract, warranty, tort, negligence, strict liability or otherwise. Disclaimer of Warranties: Except for rights that the buyer receives under the Authorship Warranty, (i) all Property is sold "AS-IS, WHERE-IS AND WITH ALL FAULTS," and neither we nor the consignor make any guarantees, warranties or representations, express or implied, with respect to the Property, except as to warranty of title. All implied warranties of MERCHANTABILITY and FITNESS FOR PURPOSE ARE SPECIFICALLY DISCLAIMED by us and the consignor; (ii) specifically, neither we nor the consignor make any representation or warranty of any kind, express or implied, with respect to any of the following characteristics of the Property: age, authenticity, genuineness, attribution, provenance, origin, physical condition, importance, size, quality, quantity, rarity, value, exhibitions, historical references or significance, medium, material, period, culture, source or origin; (iii) all information in the Catalogue or elsewhere, concerning the characteristics mentioned in (ii) above, is offered to bidders as a statement of opinion only. It is not intended to contain statements of fact for which we or the consignor may be held liable. This disclaimer of liability on our part applies whether the information is included in the Catalogue, advertisements, announcements, or communicated through our representatives, bills of sale or elsewhere, and whether written or oral; and (iv) neither we, nor the consignor, shall be responsible for the correctness or accuracy of descriptions or other information in this Catalogue or elsewhere. The bidder assumes the full responsibility to inspect and evaluate the Property to its, his or her complete satisfaction prior to any purchase. The bidder must make an independent judgment about (a) the Property, (b) its value, and (c) descriptions or other information about the Property. We may, without in any way diminishing our disclaimers of liability contained in this Paragraph 3 and elsewhere, mention in the description of the lot significant damage, although this does not include all faults, imperfections and restorations. In addition, all measurements stated in the Catalogue are approximate. No Warranty of Reproduction: Neither we nor the consignor make any warranty or representation, express or implied, concerning any rights of copyright or reproduction in, to or of the Property. Price Estimates: The estimates provided in the Catalogue are merely our opinion of the price that a willing buyer would pay for the Property at auction. The actual price that might be realized at auction or upon resale of the Property may be substantially different from these estimates. We shall not be liable in any way for such a difference. Remedies for Breach of any Warranty: If there is any breach of a warranty, buyer's sole remedy shall be to rescind the sale and receive a refund of the purchase price, including the buyer's premium. This means that neither we, nor the consignor, shall have any liability for other damages, such as but not limited to, direct, indirect, special, incidental or consequential damages. No refund will be made until the Property is returned at buyer's expense to the premises of PHILLIPS de PURY & COMPANY where the Property was purchased, in the same condition as at the time of sale. We act only as agent for the consignor and make no independent warranty of any kind. Nothing in this Paragraph 3 is intended to exclude any warranty of title required to be given under the Regulations of the New York City Department of Consumer Affairs. 4 The Auction Bidding by Paddle: All persons attending the auction must obtain a bidder's paddle prior to bidding. The bidder must qualify to bid and may be asked to provide a financial reference. The Auctioneer may refuse to recognize any person without a bidder's paddle. If you are not able to attend the auction you may submit an Absentee Bid. Absentee/Telephone Bids: As a convenience to buyers who cannot attend a sale in person, we may, if so instructed, execute written absentee bids on a buyer's behalf, without additional cost. Absentee bidders are required to submit bids on the "Absentee Bid Form," a copy of which is inserted into the Catalogue or otherwise available from us. The buyer must clearly indicate the maximum amount buyer intends to bid, excluding the buyer's premium. "Buy" bids will not be accepted. For bidders requesting the opportunity to bid by telephone, we reserve the right to have a completed telephone bid form on file prior to any such bidding. We also reserve the right to require written confirmation of a successful bid from the telephone bidder, by fax or otherwise, immediately after such bid is accepted by the Auctioneer. Telephone bids may be recorded, and by bidding on the telephone, bidder consents to a recording of the conversation. Absentee bids, whether written, executed by telephone, or otherwise, is an accommodation for the buyer, and we will not be liable for errors, omissions or failure to execute bids. Lots are bought for absentee bidders at the lowest possible price permitted against other bidders and the reserve. Online Bids: Online bids are accepted at the client's risk. PHILLIPS de PURY & COMPANY is not responsible for failure or other inadvertent errors relating to execution of your bids. Registration for the sale is required at least 48 hours prior to each sale. Clients must provide billing information, interested lots, bank reference, and signature verifying acceptance of our Terms and Conditions. Employee Bidding: Employees of PHILLIPS de PURY & COMPANY, including an auctioneer, may bid at the auction through absentee bids so long as they do not know the reserve and otherwise comply with PHILLIPS de PURY & COMPANY 's employee bidding procedures. Bidding Intervals: For your convenience, bidding generally commences below the low estimate and may proceed at the following intervals: $1,000-2,000 by $100; $2,000-3,000 by $200; $3,000-5,000 by $200, $500, $800; $5,000-10,000 by $500. This series of increments repeats upward; for example, $10,000-20,000 by $1,000, etc. Please note that all intervals are at the auctioneer's discretion. Auctioneer Announcements: All terms, conditions, notices, descriptions, statements and other matters in the Catalogue and elsewhere concerning any lot may be changed or added to by the Auctioneer, prior to any bid being accepted for the lot. Reserves: all lots are offered subject to a reserve unless otherwise indicated by the symbol. We (or the auctioneer) may implement the reserve by bidding on behalf of the consignor at the auction. This means that we (or the auctioneer) may open the bidding on any lot by placing a bid on behalf of the consignor. We or the auctioneer may further bid on behalf of the consignor by placing successive or consecutive bids for a lot, or by placing bids in response to other bidders up to the amount of the reserve. The reserve, which is confidential, is determined by agreement with the consignor and may equal, but will not exceed, the low estimate of the lot. If we have an interest in a lot other than our commission, we may bid up to the reserve to protect such interest. Sale to the Highest Bidder: A lot shall be sold to the highest bidder determined by the Auctioneer, subject to the terms and conditions of sale. Title to the lot shall pass upon the fall of the Auctioneer's hammer. The buyer shall be obligated to pay the purchase price, including buyer's premium and applicable taxes, as set forth in the terms and conditions. Upon title passing to buyer, buyer assumes all risk of loss and damage to the Property and all responsibility with respect to the Property, such as but not limited to the obligations, costs and expenses for handling, shipping, insurance, taxes and export of the Property. Discretion: The Auctioneer has the right to: (i) reject any bid, (ii) refuse to acknowledge any bidder, (iii) challenge bids, (iv) withdraw a lot from sale or pass the lot, (v) reject any advance in the bidding if the Auctioneer deems it insufficient, and (vi) otherwise regulate the bidding and its increments. In the event of a dispute between bidders, the Auctioneer has the absolute right to determine the successful bidder or to re-offer the lot in dispute. If any dispute arises after the sale, PHILLIPS de PURY & COMPANY 's sales records shall be deemed conclusive. We also reserve the right to divide any lot and to combine any two or more lots. The discretion of the Auctioneer as described in this Paragraph 4 may be fully exercised in the absolute discretion of either PHILLIPS de PURY & COMPANY or the Auctioneer, without liability of any kind on the part of PHILLIPS de PURY & COMPANY or the Auctioneer. 5 Purchase And Payment Purchase Price; Buyer's Premium; Taxes: The purchase price to buyer for the lot shall be (i) the amount of the successful bid price, plus (ii) a premium of 25% of the hammer price up to and including $50,000, (iii) 20% in excess of $50,000 up to and including $1,000,000 and (iv) 12% thereafter. In addition, buyer shall pay all applicable sales, use, excise and other taxes, whether federal, state or local. For U.S. dealers, only valid resale certificates will be accepted as proof of exemption. All foreign buyers should contact the Accounting Department about tax matters. Purchases will not be released to a buyer unless all tax requirements are satisfied. Payment for accommodation services, such as packing, handling, insurance, shipping or other services requested by the buyer, shall be made as provided in Paragraph 6 below. Payment: Buyers are required to pay for successful purchases immediately following the auction unless other arrangements are agreed to in writing in advance of the auction. All payments must be made in United States dollars. Acceptable payment options are as follows: (i) when paying in cash (In House Only), payments should be made in person at the Client Accounting Desk at 450 West 15 Street during business hours. Proof of identity is required. Please note that PHILLIPS de PURY & COMPANY is obligated to report to the Department of Treasury any cash (In House Only) or cash (In House Only) equivalent in excess of $10,000. (ii) money orders, bank checks and personal checks are accepted with a valid driver's license. Checks should be made payable to "PHILLIPS de PURY & COMPANY LLC" for the total amount due in U.S. dollars drawn on a U.S. bank. If payment is made by mail, please send the checks to the attention of the Client Accounting Department at PHILLIPS de PURY & COMPANY, 450 West 15 Street, New York, New York 10011 and ensure that the sale number is written on the check. We reserve the right to withhold delivery of the Property until funds represented by check have been collected or credited or the authenticity of bank or cashier's checks has been determined. Payment will not be deemed to have been made until we have collected funds represented by checks or other instruments. Checks drawn by third parties will not be accepted. (iii) Payment in United States dollars by wire transfer may be sent directly to: Citibank, 322 West 23rd Street, New York, NY 10011 ABA routing 021 000 089 SWIFT CITIUS33 For the account of PHILLIPS de PURY & COMPANY LLC Account# 58347736 Please reference the relevant sale number, lot number, and the buyer's bid number. 6 Removal of Property; Late Charges; Work of Others Collection of Purchased Property. Details are located under the section titled Special Terms and Conditions. No purchase may be claimed or removed until it has been fully paid for, unless otherwise agreed to by PHILLIPS de PURY & COMPANY in writing. All authorized lots should be removed at the purchaser's risk and expense no later than 5:00 pm of the next business day after the sale. When full payment is received, the buyer will receive a "Collection Order." This is buyer's proof of payment and must be presented when collecting purchases. Storage and Late Payment Charges. After 35 days, an administrative fee of $45 and a storage fee of $5 per day per lot will be charged. We reserve the right to charge a late payment fee of 11.2% per month on the purchase price if payment is not received on time as provided in these Standard Terms and Conditions. We also reserve the right to place Property in public storage, in which case buyer shall be charged the amount of such storage and appropriate insurance, and other reasonable costs associated with storage of the Property. Accommodation Services: Any packing, handling, insurance, shipping or other services, which we agree to provide or arrange for, are recommended or furnished only as a courtesy to the buyer. All costs and risks associated with such services shall be fully assumed by the buyer. The costs of such services shall be paid in advance or promptly reimbursed to us, at our discretion. If assisted by PHILLIPS de PURY & COMPANY in finding a fine art shipper for your Property, please note that PHILLIPS de PURY & COMPANY shall not under any circumstances be liable for acts or omissions by shippers' packers, handlers or others, even if their acts or omissions result in the loss of or damage to Property. Export and Import Matters: An export license issued by the U.S. Fish and Wildlife Service or other U.S. federal agency may be required for the export of any item made of or incorporating (irrespective of percentage) animal material, such as but not limited to, ivory, whalebone, rhinoceros horn or tortoiseshell. Bidders are advised that some countries completely prohibit the importation of property containing such materials. Accordingly, prior to bidding, bidders considering export of the Property should familiarize themselves with relevant export and import regulations of the countries concerned. It is solely the buyer's responsibility to comply with these laws and to obtain any necessary export and import licenses. Failure to obtain a license or delay in doing so shall not constitute a basis for rescission or cancellation of a purchase or delay in making payment for a purchase. 7 Buyer's Breach Remedies Upon Buyer's Breach: If buyer fails to comply with any of its obligations, buyer will be in default. In that case, the buyer will be liable for the full purchase price, including fees and charges. In addition, at our option we may (i) cancel the sale of the lot(s) on which buyer is in default and on all other lots sold to buyer, and keep all payments made by buyer as liquidated damages, (ii) resell the lot(s) at private or public sale, without reserve, and (iii) exercise any other rights given by law. In any event, we shall be entitled to recover from the defaulting buyer any amounts that remain due us on the purchase price, together with all fees and charges. We shall also be entitled to recover all damages, including costs of collection incurred in connection with buyer's default. These costs of collection include, but are not limited to, handling charges, normal sales commissions and expenses (on both the sale for which buyer defaulted and on any resale), and reasonable attorneys' fees and expenses. Security Interest: As security for full payment to us of all amounts due from buyer, PHILLIPS de PURY & COMPANY retains, and the buyer grants to PHILLIPS de PURY & COMPANY, a security interest in the Property purchased by buyer at auction and in any other property or money in our possession or coming into our possession. We may apply such money or deal with such property as the Uniform Commercial Code or other applicable law permits a secured creditor to do. This security interest shall cease upon actual physical delivery of the property to buyer or buyer's agent. 8 Private Sales These Standard Terms and Conditions shall also apply to any private sale by us of Property. 9 Rescission by Us If an adverse claim is asserted with respect to Property purchased by a buyer, we shall have the right, but not the obligation, to rescind the sale. Upon notice of our election to rescind the sale, the buyer will promptly return the Property to our premises in the same condition as at the time of purchase. We will then refund the purchase price and buyer's premium. The refund shall constitute the sole remedy and recourse of buyer against us and the consignor with respect to such claim. 10 Limitation of Liability We are acting as agent only in connection with sale of Property. We disclaim any responsibility for a breach or default by the consignor, except as specifically stated above. In no event will our liability for any breach, act or omission (including, but not limited to, any breach of the Authorship Warranty or any breach of a warranty of title) exceed the purchase price actually paid by buyer. Buyer agrees that we shall have no liability under any circumstances for indirect, special, incidental or consequential damages, whether in contract, warranty, tort, strict liability, negligence or otherwise, arising out of, resulting from, or relating in any way to (i) the Property or its purchase, sale, delivery or non-delivery, or (ii) the acts or omissions of us or our agents, representatives, affiliates, officers, directors or employees. 11 Governing Law; Submission to Jurisdiction The laws of the State of New York (excluding its conflicts of law rules) shall be used to interpret the meaning of these Standard Terms and Conditions and the Authorship Warranty. By bidding at an auction or otherwise purchasing Property, whether personally or by an agent, and whether physically present at an auction or bidding by way of written, telephone, electronic or other bid means, buyer consents to the jurisdiction of (i) the state courts of the state of New York located in New York, New York, and (ii) the federal courts for the southern and eastern districts of New York. Buyer also agrees that any lawsuit buyer may bring against us will be brought only (i) in the state courts of the state of New York located in New York, New York, or (ii) in a federal court for the southern or eastern districts of New York. 12 Waiver Any provision of the Standard Terms and Conditions and of the Authorship Warranty may be waived by us, provided that such waiver is in a writing signed by one of our duly authorized officers. A waiver on one occasion shall not be a waiver on any other occasion, nor shall any waiver of one provision affect our ability to insist on strict performance by buyer of all other provisions. 13 Information If you need further information or have any questions about these Standard Terms and Conditions, the Authorship Warranty or any other provisions applicable to a sale, please call us at +1 212 940 1200. SPECIAL TERMS AND CONDITIONS These Special Terms and Conditions for Sale NY010406 supplement our Standard Terms and Conditions printed in this Catalogue, and should be fully read prior to bidding at the auction. 1 Symbols For the purposes of compliance with the New York City Department of Consumer Affairs regulations, please note that PHILLIPS de PURY & COMPANY has a financial interest, which may be an advance, a price guarantee and/or an ownership interest in those lots marked with the symbol O. 2 Place Of Payment & Collection Of Purchased Property A Please note that payment for purchases will be accepted during or after the sale at PHILLIPS de PURY & COMPANY, 450 West 15 Street, 3rd Floor - Client Accounting Department, New York, NY 10011. B No purchase may be claimed or removed unless full payment has been received or otherwise agreed to in writing by PHILLIPS de PURY & COMPANY. C All purchased lots will be available for collection Monday to Friday, 10am-5pm, at 450 West 15 Street, 3rd Floor, New York, NY 10011, beginning on Friday October 20, 2006. D Purchasers may contact PHILLIPS de PURY & COMPANY 's Shipping Coordinator at +1 212 940 1372/1373 to arrange for collection of property at PHILLIPS de PURY & COMPANY 's 450 West 15 Street, 3rd Floor, New York, NY 10011 location. As a service to our clientele, PHILLIPS de PURY & COMPANY 's Shipping Coordinator is, subject to Paragraph 6 of our Standard Terms and Conditions, available to assist in arranging for collection, estimates of the shipping costs and shipment of purchased lots. E For packing, crating or shipping of lots, purchasers must complete a Shipping Instruction Form and return the form to PHILLIPS de PURY & COMPANY along with payment. All shipping costs will be billed directly to the Purchaser by the shipper. Please refer to Paragraph 6 of the Standard Terms and Conditions for further provisions concerning these arrangements. Purchasers have the option to choose their own shipper and should notify PHILLIPS de PURY & COMPANY in writing. It is important to instruct the outside shipper to contact PHILLIPS de PURY & COMPANY at least 24 hours in advance of collection in order to schedule pickup. F After 35 days, uncollected property may be placed into public storage. Costs of storage and other charges as set forth in the Standard Terms and Conditions shall apply and be billed by PHILLIPS de PURY & COMPANY. Property will not be released until all payments due for storage and otherwise have been paid in full. G Descriptions with respect to multiples comply with the requirements set forth in Article fifteen of the New York arts and cultural affairs law. AUTHORSHIP WARRANTY PHILLIPS de PURY & COMPANY provides the following limited warranty for each lot offered in the Catalogue. The Standard Terms and Conditions shall fully apply to this warranty. 1 Definitions The term "authorship" means the creator, period, culture, source or origin of the property to the extent described in the uppercase letters next to the lot number in the catalogue (e.g., CINDY SHERMAN 121). 2 Limited Warranty PHILLIPS de PURY & COMPANY warrants the authorship of Property for a period of five years from the date of the sale by PHILLIPS de PURY & COMPANY, subject to the exclusions and limitations set forth below. This warranty covers only the original buyer of record from PHILLIPS de PURY & COMPANY (that is, the registered bidder). PHILLIPS de PURY & COMPANY reserves the right, as a condition to rescinding any sale, to require the purchaser to provide to PHILLIPS de PURY & COMPANY (at purchaser's expense) the written opinions of two recognized experts acceptable to PHILLIPS de PURY & COMPANY. 3 Disclaimer All other warranties, express or implied, including any warranty of merchantability and fitness for purpose are specifically disclaimed by PHILLIPS de PURY & COMPANY and the consignor. The provisions of Paragraph 3 of the Standard Terms and Conditions fully apply. 4 Exclusions And Limitations This Authorship Warranty does not cover: (i) subsequent owners or assigns of the Property, such as purchasers from, or donees of, the original buyer, and heirs, successors, beneficiaries and assigns; (ii) property created prior to 1870, unless the Property is determined to be counterfeit (a forgery made less than 50 years ago with an intent to deceive) and has a value at the date of the claim under this warranty, which is materially less than the purchase price paid; (iii) any description which states that there is a conflict of specialist opinion on the authorship of the Property; (iv) authorship which on the date of sale was consistent with the generally accepted opinions of specialists, scholars or other experts, despite the later discovery of new information; (v) descriptions or dating of the Property proved inaccurate by means of scientific methods or tests not generally accepted for use at the time of the publication of the Catalogue, or which were at such time deemed unreasonably expensive or impractical to use. 5 Sole Remedy Buyer understands and agrees that the exclusive remedy for any breach of the Authorship Warranty shall be a RESCISSION OF THE SALE AND A REFUND OF THE ORIGINAL PURCHASE PRICE PAID (bid price plus buyer's premium). No rescission shall occur and no refund is made until buyer returns the Property to the place of purchase at PHILLIPS de PURY & COMPANY's facility in the same condition as at the time of purchase. This remedy shall constitute the sole remedy and recourse of the buyer against PHILLIPS de PURY & COMPANY and the consignor for any nonconformity of the property, and is in lieu of any other remedy available as a matter of law. This means that neither PHILLIPS de PURY & COMPANY nor its consignor shall be liable for damages beyond the remedy expressly provided in this Authorship Warranty, whether such damages are characterized as direct, indirect, special, incidental or consequential.