November 8th, 2009 Western Art Auction

Procedures, Terms, and Conditions of Auction PURCHASE PRICE The purchase price payable on each lot by the Purchaser shall be the total of the final Hammer Price PLUS A BUYERS PREMIUM OF TWENTY PERCENT (20%) ON THE FIRST $100,000 AND TEN PERCENT (10%) THEREAFTER, PLUS ANY APPLICABLE SHIPPING AND HANDLING CHARGES. If you attend the auction, you must pre-register and be assigned a bidder paddle number in order to participate. Registration by the bidder shall constitute approval and acceptance of the following terms and conditions Auction The lots presented in the auction catalogs will be offered by oral auction Sunday November 8th,2009, at 1:00 PM, at Altermann Galleries, 345 Camino Camino del Monte Sol, Santa Fe, New Mexico. Absentee Bidding Absentee bids for auction lots will be executed by the Gallery on behalf of the Client during the auction. The Gallery shall not be responsible for any errors or omissions or failure to execute such absentee bids. The Gallery requests the Client make absentee bidding arrangements at least 72 hours prior to the auction. Online Bidding: You may bid through www.LiveAuctioneers.com for this auction. This will allow you to participate via live internet bidding. Live Auctioneers will run the live internet bidding and Altermann Galleries makes no representations or warranties for accuracy. This catalog may be amended by posted notice or oral auction room announcement and represents Altermann Galleries (Gallery) entire agreement with any and all Purchasers of the property listed herein. The following procedures, terms and conditions on which all such property listed is offered for auction by the Gallery as agent for various owners or other Consignors: 1. All property will be sold by the Gallery at auction to be conducted by Doak Lambert and Tony Altermann. 2. Altermann Galleries reserves the right to withdraw any property at any time before the auction and shall have no liability whatsoever for such withdrawal. 3. All property will be sold "as is" and neither the Gallery nor Auctioneer nor Consignor make any express or implied warranties or representations with respect to the property or correctness of the advertisement, catalog and any other medium used to announce this auction or any other description of the physical condition, quality, importance, size or authenticity of the property offered. No reference to imperfections is made in individual catalog descriptions of property offered for auction. A condition report may be obtained by contacting the Gallery. Not withstanding any condition reports or catalog descriptions provided, all lots are offered and sold "AS IS" in accordance with paragraph 3 of the Procedures, Terms and Conditions of Auction. However, if within 21 calendar days after the purchase of any lot, the purchaser provides two opinions by recognized authorities on the artist, and gives notice in writing to the Gallery that the lot is not authentic, and within 7 calendar days of such notice the purchaser returns the lot to the Gallery in the same condition as when sold, the Gallery will refund the full purchase price. 4. The Gallery and/or Auctioneer reserve the right to reject any bids. The highest bidder acknowledged by the Auctioneer shall be the Purchaser. In the event of any dispute between bidders or a tie between bidders, the Auctioneer will have absolute and final discretion to either determine the successful bidder or to reoffer and resell the property in dispute. After the auction, the Gallery's record of final Hammer Price shall be conclusive. 5. Unless exempt by law, the Purchaser will be required to pay any and all New Mexico and local sales taxes. In the event of deliveries outside New Mexico, it is the purchaser's responsibility to pay any applicable compensating use tax of another state on the purchase price. 6. Terms for all purchases will be cash (In House Only). Credit cards are not accepted as payment for works of art purchased at auction. All monies shall be made payable to Altermann Galleries. At the Gallery's discretion, payment will not be deemed. If you attend the auction, you must pre-register and be assigned a bidder paddle number in order to participate. Registration by the bidder shall constitute approval and acceptance of the following terms and conditions. 7. Auction lots may not be removed from the auction premises during the auction. Shipment generally occurs within one week after payment has been received. We prefer to ship Federal Express or UPS. Please provide a correct street address for our shipper. It will expedite your receipt of your purchase. Items not removed from our warehouse after 30 days will be subject to a storage charge. 8. Some property may be offered subject to a "reserve" or confidential minimum price below which the lot will not be sold. In such instances the Gallery may exercise the reserve by bidding on behalf of the Consignor. In addition, Altermann Galleries reserves the right to purchase property for itself or on behalf of another party. 9. Neither the Gallery nor Auctioneer nor Consignor make any representations whatsoever that the Purchaser of a work of art will acquire any reproduction rights thereto.Purchaser's ownership of the work shall remain subject to the copyrights of the consignor. 10. These Procedures, Terms and Conditions of Auction and any other applicable conditions, as well as the Purchaser's and Gallery's rights and obligations herein shall be governed by, construed and enforced in accordance with the laws of the State of New Mexico. If these Procedures, Terms and Conditions of Auction are not complied with by the Purchaser, the Gallery may, in addition to other remedies available by law, including without limitation the right to hold the Purchaser liable for the purchase price stated on the invoice, either (a) cancel the sale and retain as liquidated damages any and all payments made by the Purchaser or (b) resell the property privately or at public auction on three days notice to the Purchaser for the payment of any deficiency in the purchase price and all costs including handling charges, warehousing, the commissions, attorney's fees, any and all other auction-related charges due and incidental damages. 11. In most instances, sculpture measurements do not include base. In measurements for two dimensional art, height precedes width and does not include frame. Artifacts are measured height by width by depth.

Unless exempt by law, the Purchaser will be required to pay any and all New Mexico state and local sales tax or, in the event of deliveries outside the state, it is the purchaser's responsibility to pay any applicable compensating use tax of another state on the purchase price.