Fine Art - Day 2 Starting Bid @ $375 or Less

TERMS & CONDITIONS OF SALE & LIMITED WARRANTY Each lot in this catalogue is subject to the following Terms & Conditions of Sale & Limited Warranty ("T&C"), as supplemented in writing or otherwise by Ashe Auctioneers, Inc. prior to the sale. By registering to bid at the auction, by placing a bid by any means, or by purchasing a lot or property after-auction/after-sale or private sale, whether or not the lot or property is included in the present auction, you agree to these T&C, including those available by hyperlink at our website. We may amend these T&C at any time by posting the amended terms on our website. Except as stated below, all amended terms shall automatically be effective on a prospective basis once they are posted on our site. These T&C may not be otherwise amended except in a writing signed by you and AAI. "We," "us," "our," "Ashe Auctioneers, Inc.," "AAI," and all other similar terms refer to Ashe Auctioneers, Inc. and its agents; "you," "your," "buyer," or similar terms refer to a person bidding on or buying property. AUCTIONEER Ashe Auctioneers, Inc. conducts business as an auctioneer commission-agent in its own name on behalf of its voluntary consignors and from time to time on its own behalf. CATALOGUE INFORMATION All auction catalogue information posted on-line at any Internet live bidding platform website, including but not limited to the auction Cataloguing Practices, Auction Material, Duration and Time of Auction, Buyer's Premium, Condition, Types of Bidding and Bidder Responsibilities, Payment, Shipping, Lots Per Hour, Taxes, Terms & Conditions, Contract, and Registration, is hereby incorporated as part of these present T&C. Any pre-sale announcements made by the auctioneer immediately prior to the start of the auction are incorporated herein as well. Auction dates and times, as well as the number, character, and order and schedule of the items to be auctioned are set by AAI and are subject to change without notice. Individual lots and items may be modified or changed at any time. Some lots and items that are made available on the auction floor may not be included in the online live auction services catalogues. Any audio or video aspects of a live auction event are for entertainment purposes only. DURATION AND TIMING OF AUCTION Please note that our auctions are traditional auctions and not timed auctions. We start with lot #1 and continue in numerical lot order until we sell the last lot. Some lots sell quickly, others take a while. We sell approximately 150 to 200 lots per hour, so you should be able to calculate roughly when the lot(s) you are interested in will be up for sale. The duration of the auction is approximately three to six hours long, and we have no way of knowing precisely at what hour or minute your lot(s) will be up for sale. DESCRIPTION AND CONDITION OF LOTS All objects put up for auction may be viewed and examined prior to the sale, by appointment. Previews are not available on the sale date. Catalogue descriptions are created with as much care as possible, but are OPINION ONLY, and the descriptions do not fall under any statutory paragraph for guaranteed legal characteristics. Solely as a convenience, AAI may provide condition reports. Many items are of an age or nature that precludes their being in perfect condition. Some descriptions in the catalogue are given by way of a condition report (made either orally or in writing), which makes reference to damage and/or restoration. We provide this information for guidance only, without legal obligation, and the absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Bidders are urged to ask for condition reports as early as possible before an auction, and there is no guarantee we will be able to fulfill all requests for condition reports. Any representation or statement by AAI in any catalogue, brochure, or advertisement of forthcoming sales as to authorship, attribution, genuineness, origin, date, age, provenance, condition, or estimated selling price is a statement of opinion only. Every person interested should exercise his own judgment as to such matters, and neither AAI nor any of its agents are responsible for the correctness of such opinions. Except as stated under Limited Warranty in the paragraph below, all property is sold "AS IS, WHERE IS," with no representation or warranty of any kind from AAI or the consignor. Buyers or their agents are advised to personally examine any property on which they intend to bid prior to the auction. All dimensions are approximate. The condition of frames is not guaranteed. All lots are sold AS IS, WHERE IS and there will be NO RETURNS BASED ON CONDITION. Many items are of considerable age and will exhibit wear, usage, and damage often NOT LISTED IN THE CATALOGUE ENTRY. Some descriptions in the catalogue refer to specific damage and/or restoration, and while we provide this information for guidance only, without legal obligation, the absence of condition remarks in the catalogue DOES NOT mean the item is in perfect condition. Condition, like beauty, is in the eye of the beholder. When we list condition information for a lot, it is our opinion only. The absence of condition information does not mean the item is in perfect condition. Certain objects, such as watercolors, drawings, prints, posters, photographs, and photogravures, among others, may be affixed to mounting boards or support sheets, either contemporary or modern. We urge you to request a full condition report for any items in which you have an interest. We recommend that every interested party exercise the best judgment possible based on direct physical examination of the property, as there are ABSOLUTELY NO RETURNS BASED ON CONDITION. CATALOGUING PRACTICES The following are some, but not all, of the practices used by Ashe Auctioneers, Inc. in the cataloging of individual lots for sale: 1. Authorship of lots. Authorship for each lot is indicated using the following descriptions (with Henri Matisse as an example): Henri Matisse: In our opinion, a work by the artist. Henri Matisse (attributed to): In our opinion, probably a work by the artist but less certainty as to authorship is expressed than in the preceding category. Henri Matisse (studio of): In our opinion, a work by an unknown hand in the studio of the artist which may or may not have been executed under the direction of the artist. Henri Matisse (circle of): In our opinion, a work by an unknown hand closely associated with the named artist but not necessarily his student. Henri Matisse (style of) or (follower of): In our opinion, a work by an unknown, nearly contemporary or contemporary hand working in the artist's style but not necessarily his student. Henri Matisse (manner of): In our opinion, a work in the style of the artist and of a later date. Henri Matisse (after): For paintings, drawings, watercolors, and similar one of a kind objects, in our opinion, a copy of a work of the artist; For multiples, such as prints, posters, photographs, and similar objects, a copy of a work of the artist which may or may not have been authorized by the artist and which may or may not have been signed by the artist. 2. Dates. Dates are ascribed as closely as possible, with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return because of date inaccuracy. Most lots include "matrix" date information. In the case of one of a kind objects (such as paintings, watercolors, etc.) the matrix date is the date the object was created. For "multiple" objects, such as most prints, posters, sculptures, photographs, etc., the matrix date is the creation date of the matrix from which the object is then derived. If known, we may list the "printed" date, the date that the multiple offered was printed. When we don't know the exact matrix date we may put "c" for circa, as in c1931, or we may omit this entirely. If we don't know the exact printed date we may use "c" or "printed later," or we may omit this entirely. 3. Dimensions. Measurements of the image and the matrix material are generally in 1/16 of an inch, height before width before depth, with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return due to size inaccuracy. Intaglio prints are measured from the platemark; planographic prints, drawings, etc. are measured from the image. 4. Title, etc. The title may be as given by the Artist or may be descriptive; Medium; Edition size and individual number if applicable and available; Paper type if applicable and available; Margins if applicable and available; Impression quality if applicable and available; Catalogue raisonne number if applicable and available; Provenance if available: we describe these aforementioned items as accurately as possible with no guarantee as to their absolute accuracy, and objects (lots) are not subject to return due to any cataloguing inaccuracy. 5. Signature: "Signed:" in our opinion, an autograph signature by the artist; "Bears signature:" in our opinion, may or may not be an autograph signature by the artist; "Signed in the matrix/stone/plate/image/negative:" in the case of multiples, the autograph signature of the artist in the matrix itself, which becomes part of the matrix (sometimes referred to as a "printed signature"). 6. Photogravures. There are numerous methods for producing a gravure from a photograph, including but not limited to Photogravure, Heliogravure, Neogravure, Rotogravure, Screengravure, Plategravure, Aquatint photogravure, Dust-grain photogravure, Sand-grain photogravure, etc. Since even for experts it is sometimes difficult to distinguish between them, and the fact that gravure is a term of art in French often referring to an intaglio print such as an etching, we have chosen to catalogue all the gravure methods listed above, as well as any others, whether sheet-fed, continuous roll, or hand, as Photogravures. PROVENANCE DOCUMENTATION Documents furnished to AAI in connection with objects being offered for sale by us may be subject to confidentiality, privacy, and/or contractual statutes and concerns and may not always be available to prospective and successful bidders. There is no guarantee that any object in any lot will be accompanied by written provenance information, whether or not the lot description bears a statement of provenance. Provenance information is almost always furnished to us by the consignor, and AAI assumes no responsibility for its accuracy. CATALOGUE AND ON-LINE IMAGES We strive to present as accurately as possible any object pictured in our printed or on-line catalogues. Because of the different methods used by on-line auction bidding platforms to upload images, which can result in the distortion of, or addition to, a particular object, and the color differentiation and variation of various computer monitors, and other factors relating to the Internet, there are absolutely no returns due to variations between images as pictured in the on-line catalogue and the actual object itself. Often artwork is pictured framed; the frames may be exhibition frames, not part of the purchase price of the lot. If the catalogue description indicates that the object is framed, then the frame is part of the purchase price. If no indication is given that the object is framed, then the object is being sold unframed. Occasionally there may be a discrepancy between the image of an object in the on-line and/or printed catalogue and the catalogue text description of same. If this is the case, the catalogue description is presumed correct, and no returns will be accepted due to this type of discrepancy. We urge you to contact us before your purchase if you notice a situation such as this. CONSIGNMENT Except as noted in this paragraph, all lots in the sale are offered for the account of a third party Consignor, without any interest (direct or indirect) of the auctioneer or AAI. Where AAI or an affiliate of AAI is the sole or partial owner of the property, there is no symbol next to the lot description. Where the lot is offered for the account of a third party, it is noted by the symbol next to the description of that lot. Under no circumstance will the Consignor receive any rebate commission nor may the Consignor bid upon or buy back his own property. In the event that you have a dispute with one of our consignors, you release AAI (and our officers, directors, agents, parent, subsidiaries, joint ventures, and employees) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code § 1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." AAI generally charges a flat 10-20% commission on the hammer price of an item sold at its auctions. There is no additional charge to the seller for insurance, photography, color printing in the catalogue, buy-in fee, etc. The seller is liable only for shipping the item to AAI, and in the event it goes unsold, the shipping, handling, and packing costs of sending the item back to the seller. Consignors may or may not be paid immediately upon the sale of their lots, but, assuming AAI has received good funds from the buyer, in no event will they be paid later than 45 days from the date of sale of their property. In its sole discretion, AAI may pay consignors for sold goods before AAI receives the payment from the buyer. In certain instances, in its sole discretion, AAI may extend credit to a consignor based on the anticipated sale of the consignor's property in a forthcoming auction. All consignor information is held strictly confidential. AAI's Consignment Agreement contains a contractual clause stating that AAI will not divulge the name of the consignor, or any details of same, to any individual or entity. BIDDING AT AUCTION All prospective bidders are required to register with AAI in advance of the sale, although we occasionally may approve bidders during the course of the auction itself. We may require photo identification and bank references for registration. By bidding at the auction, the buyer assumes personal responsibility to pay the purchase price bid, plus the buyer's premium and any additional charges that become due and payable in connection with the purchase of property. Approval of the bidder to bid is at the discretion of AAI. Approval to participate in one auction does not guarantee approval to participate in any other auction. We accept floor bids, absentee (left/order) bids left directly with us before or during the auction, telephone bids during the auction, and internet bids (either left with a on-line bidding platform before or during the auction or bidding live during the auction). We do not accept unlimited/buy bids. If you wish to attend the auction, please contact us (602-266-0893; info@asheauctioneers.com) for the auction location. For absentee bids to leave with us directly, you can print out the bidder's form from our website and fax, email, or mail it to us, or you can call to leave bids directly with us. To arrange telephone bidding, please consult the absentee/telephone bid form found at our web site and then call us. Likewise, if you have questions on absentee bidding, please feel free to call or email us. All lots in our auctions, regardless of pre-sale estimate prices, are available for telephone bidding. Please note, however, that if you are approved for telephone bidding you are expected to bid at least the published starting bid/opening price (generally the reserve) of the lot(s) you have registered to bid on. A limited number of telephones are available, so please sign up for telephone bids as soon as possible before the auction. Registered bidders, whether on the floor, telephone, absentee, or bidding live via the Internet, are responsible for all bidding activity on their account. By submitting absentee bids on-line the bidder authorizes the third-party on-line bidding company to instruct AAI to bid up to the maximum amount left by the bidder with the on-line bidding company. If identical absentee bids are received, the earliest bid received will prevail. AAI assumes no responsibility for any errors resulting from executing bids or on-line technical difficulties. Absentee bids left on third-party live auctions platforms are not the same as bids left with AAI directly. They are executed from a proxy computer terminal in the room against bidders on the telephone, in the room, live Internet bidders, and left/absentee bids with the auctioneer. Tie bids may occur between live auction bidding platforms absentee bidders and other bidders. In the event of a tie bid, the auctioneer has sole discretion to award the lot to the high bidder of his or her choice, generally the floor bidder. AAI at its discretion reserves the right to refuse participation in the auction by any bidder, whether on premises, participating on-line, by telephone, or through absentee bid. AAI reserves the right not to accept bids via Internet bidding for lots of high value. If you intend to bid on high value lots, please contact us before the sale. Please note that registrations may or may not be approved during the course of the sale. AAI does not allow live Internet bidding from floor bidders during its auctions. People in attendance at the auction are not permitted to use computers during the auction, including but not limited to laptops, iPads, iPhones, "smart phones" or any other type of electronic device that allows access to the Internet. Any bidding by a floor bidder via any of these methods will result in the immediate cancellation of the bidder's bids, the bidder being asked to leave the rooms immediately, and the denial of future bidding with AAI by any method. Internet bidding has limitations. Technical problems may prevent Internet bids from being entered or may interrupt the live bidding process. When this happens, the system may incorrectly clerk a winning bid to an Internet bidder. The auctioneer is the sole determiner of the winning bidder. Random bidding patterns may result in a floor bidder being awarded an item at an amount that matches an Internet bidder's previously entered maximum bid price. In this instance there is no mechanism for settling this issue based on which bid was entered first. Third-party bidding platforms do not reveal bid amounts. They only relay bids one increment at a time up to the maximum proxy bid amount which could, due to the back and forth of auction bidding, match the last bid entered by a floor bidder. Your bid/purchase is a legally binding contract. Place a bid or make an offer only if you're serious about buying the item. If you are the successful and winning bidder/buyer, whether during or after an auction, you immediately have entered into a legally binding contract to purchase the property bid on/purchased from the seller. You should contact AAI to resolve any questions before bidding. On the fall of the auctioneer's hammer, title to the offered lot will pass to the acknowledged bidder. At that time, the buyer assumes all risk of loss and damage to the property, and in addition any obligations, costs, and expenses relating to the handling, shipping, insurance, tax, and export of property. The highest bidder acknowledged by the auctioneer shall be deemed the buyer. The successful buyer is obliged to accept and pay for the lot. Ownership only passes to the buyer when full payment has been received. The buyer, however, immediately assumes all risks when the goods are knocked down to him. In case of identical bids, determination of the winning bidder shall be left to the sole discretion of AAI. AAI has the right, in its absolute discretion, to determine the conduct of the sale and the after-auction/after-sale and any private sale as it sees fit. It reserves the right to advance bidding, to reject bids, to combine lots, to split lots, to re-offer and resell lots, to withdraw lots before the actual final sale, and to award disputed lots to the bidder of its choice, both during and after the auction. In any such case, the judgment of AAI is final, and shall be binding upon all participants. In the case of a written bid, the bidder commissions AAI to place bids on his behalf during the auction. In cases where there is a discrepancy between lot number and title/description in a written bid, the number shall prevail. We assume no responsibility for failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid. If requested prior to the sale, we will use reasonable efforts to contact the buyer by telephone to conduct a phone bid on the day of the sale, but we assume no responsibility for errors or omissions made in connection with any such arrangement. As a convenience to buyers who cannot be present on the day of the sale, we will use reasonable efforts to execute, on a competitive basis, bids left with us via the Internet, whether by absentee or a live bidding program. We assume no responsibility for failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid. All lots may be offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. AAI may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. AAI may continue to bid on behalf of the seller up to but not above the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. In no case will the reserve be higher than the published pre-sale low estimate. The pre-sale estimates provided are intended as a guide to bidding. The figures are often educated guesses, generally based on recent values. A bid between the listed figures would, in our opinion, often have a chance of success (at the time when the catalogue was prepared). The estimates are exclusive of the buyer's premium, and may be revised at any time prior to the auction. Bidder shall be the sole judge of value, whether the lot is purchased during the auction or at after-sale. Buyers are advised that there may be additional terms and conditions governing the use of Internet bidding platforms utilized by AAI including, but not limited to, those providing for additional charges and fees relating to the execution of such bids. Buyers are therefore advised to familiarize themselves with any such terms and conditions prior to utilizing any Internet bidding service. The sale generally will be conducted in the following increments: From $0 to $99 = $10 increment From $100 to $499 = $25 increment From $500 to $999 = $50 increment From $1,000 to 2,499 = $100 increment From $2,500 to $4,999 = $250 increment From $5,000 to $9,999 = $500 increment From $10,000 and above = $1,000 increment or auctioneer's discretion AFTER-AUCTION/AFTER-SALE SALES AND PRIVATE SALES From time to time, registered bidders and private individuals may make offers on property consigned to or owned by AAI. When making an offer on an unsold lot from a prior auction, or on any property owned by AAI or offered for sale through AAI by its consignors, whether the offer is made verbally in person or by telephone, by mail, by email, by fax, or by any other method, and that offer is accepted by AAI on behalf of its consignor or on behalf of its own account, the buyer has immediately entered into a legally binding contract, as if the purchase had been made during an AAI auction, and the buyer is subject to all the duties and responsibilities of a successful auction bidder. These T&C shall govern any private sale of property by us not made through auction, including all transactions conducted after an auction, heretofore and hereinafter referred to as after-auction, after-sale, post-sale, or private sale purchases, and by purchasing any object from AAI you agree to be immediately bound by these T&C. These transactions may include objects not offered for sale in the immediately prior auction as well as any objects that AAI has in its possession, whether consigned to AAI or owned outright by AAI, that AAI is offering for sale. All private and after-auction/after-sale purchases are subject at AAI's discretion to the respective 22 1/2% or 15% buyer's premium, as applicable, as well as all costs related to shipping and handling. PAYMENT Upon the fall of the auctioneer's hammer, the buyer assumes all risk of loss and damage to the property, and in addition, any obligations, costs, and expenses relating to the handling, shipping, insurance, tax, export, and storage of property. Buyers are required to pay for purchases immediately following the auction unless other arrangements have been made in advance of the auction. Payments must be made in US Dollars. A buyer's premium (an additional fee that a winning bidder is required to pay above the auction hammer price) of 22 1/2% on the hammer price will be paid by the purchaser on lots sold for less than $50,000, and 15% on lots sold at $50,000 and above. All purchases picked up by the buyer, or shipped by us within the state of Arizona, will be subject to state sales tax unless the buyer has provided us with a valid certificate of exemption from such tax. Purchases shipped outside of Arizona are not subject to sales tax. We accept cash (day of sale only), money orders, cashiers checks, personal and corporate checks, wire transfers, and credit/debit cards (Visa/Mastercard only). For CREDIT/DEBIT CARD transactions, please call us at 602-266-0893 and give us your details verbally; fax the details to 602-266-0995; or send card details in two separate emails or send an email with details in an attachment (for security reasons) to: info@asheauctioneers.com. No surcharge will be charged to the buyer for payments made via credit/debit card (N.B. Any company that applies a surcharge for use of credit cards for purchases, or institutes a discount for payment by cash, is in violation of Federal banking statutes). We reserve the right to reject the use of credit/debit cards issued by a non-U.S.A. bank, as well as U.S.A. credit/debit cards with a non-U.S.A. billing address. Please send CHECKS to: Ashe Auctioneers, Inc., 530 East McDowell Road, Suite 107-239, Phoenix, Arizona, U.S.A. 85004. Please note that checks must be drawn on a U.S.A. bank in U.S.A. dollars. All checks, regardless of type, may be subject to a ten day hold. Returned checks are subject to a $30.00 returned check fee. For WIRE TRANSFERS please contact us for wire instructions. If paying by wire transfer please add $30.00 to your invoice amount to cover what our bank charges us to receive wires. Please note that we DO NOT accept American Express, PayPal, Discover Card, MoneyGram, and Western Union. Per our T&C, winning bidders must pay for their purchases immediately following the auction. Purchases over $2,500 may require payment by check, money order, cashier's check, or wire transfer. Please contact the auction house for further information. If payment is made by the buyer with a credit card (Visa or Mastercard), the buyer, by his or her acceptance of these T&C, waives his or her right to file a "chargeback" for the item(s) purchased using the 'reason code' "item not as described" or similar language. The buyer's sole remedy in instances where the buyer believes the item was not as described/catalogued is to follow the steps outlined under "Limited Warranty" in these T&C. In any case, items are not returnable due to the condition of the item, as specifically outlined numerous times in these T&C. If after seven (7) days from the auction date, or the AAI invoice date for after-auction/after-sale and private sale purchases, we have not received payment for lots purchased, we reserve the right, and you hereby grant us permission, to charge your credit/debit card on file for the payment due, which may include applicable shipping charges. Any charge made by AAI under this provision shall be credited against all amounts owed to AAI under the T&C, and shall in no way limit or restrict the exercise of AAI's rights and remedies available at law or in equity with respect to payment of all other sums owed by the bidder to AAI. We reserve the right to delay delivery of any property until the clearance or collection of funds in connection with any payment and, in any event, title to the property shall not pass to the buyer until collection of funds has occurred. If you purchased lots during the auction via the Internet and if your invoice(s) are unpaid ten days after the auction date, we may file a dispute with the Internet bidding platform company you used to place your bid(s). If so, we may impose Administrative Burden fees (the equivalent of collection fees) and add the total of these fees to your outstanding balance. The Administrative Burden fee also applies if you purchased lots during the sale directly with us (floor, absentee, telephone) or after the auction in our after-auction/after-sale or private sale periods. Your successful bid is a legally binding contract. In the case of unpaid balances, we may enforce our legal rights through court action. If so, any costs incurred by AAI in the preparation for court action (contact by AAI with its attorneys, etc.) are immediately accruable to the buyer and immediately due and payable by the buyer, even in the event that the matter does not end up in a court filing. These fees must be paid, in addition to the hammer price and premium of any lot(s) purchased, before the property is released to the buyer. If immediately after the auction date we have not received payment for lot(s) purchased at auction, we reserve the right to cancel the sale of the lot(s) to the buyer. If after ten (10) days from the auction date we have not received payment for lot(s) purchased at auction, AAI may, in its sole discretion, retroactively charge interest to the buyer from the date of the purchase(s) on the entire unpaid balance at the rate of twelve percent (12%) per annum. This amount is due and payable immediately and is added to all other outstanding balances. We may also report all outstanding unpaid balances to the buyer's applicable credit bureau(s) [Consumer Reporting Agency; Credit Reference Agency] including but not limited to the following countries, as follows: United States: FICO, Experian, Equifax, TransUnion United Kingdom: Experian, Equifax, Callcredit Canada: Equifax, TransUnion France: SCRL Germany: Schufa, Creditreform Australia: Veda Advantage Mexico: Equifax, TransUnion South Korea: KCB, KIS, NICE Spain: Credinformacoes Italy: Experian, CRIF, CTC Austria: KSV Ireland: Irish Credit Bureau Netherlands: Equifax Sweden: Soliditet AB, UC Turkey: KKB In some cases, AAI may allow a winning bidder/buyer to pay a partial amount of the total amount due with a subsequent payment or payments necessary to pay the balance in full. After the initial partial payment(s), if at any time AAI in its sole discretion determines that the bidder is unable or unwilling to complete the transaction by paying the balance in full, AAI reserves the right to cancel/rescind the transaction and return the buyer's initial payment(s) (less any applicable fees and/or liquidated damages, up to and including the full amount of the partial payment made) to the buyer; or, AAI may file suit against the buyer for non-payment; or, in the case of the purchase of multiple lots, AAI, in its sole discretion, may choose which purchased lots will apply towards the partial payment(s) made and cancel the balance of the transaction. In any event, buyer shall have no recourse against AAI or its consignors in these instances. Auction lots, without exception, will only be handed over after payment has been made. Storage and dispatch are at the expense and risk of the buyer. Charges for dispatch, packing and insurance are billed separately. All property must be removed from AAI by the purchaser, at his expense, no later than fourteen (14) days following its sale, and if not so removed will accrue reasonable storage fees and/or interest at AAI's discretion. If fully paid for property is not picked up, or buyer has not arranged for shipping by AAI, within sixty (60) days following the auction sale date, the property may be considered abandoned and revert to the consignor or AAI. All property purchased by the buyer, whether at auction and/or in an after-auction/after-sale or private sale, must be paid for in full before any of the property is released to the buyer. In the case of multiple purchases at auction and/or after-auction/after-sale or private sale, the buyer may not rescind part of the transaction, by choosing to pay for one lot but not another. All purchases of any kind whatsoever must be paid in full and then all purchases will be released in full. The buyer is liable for acceptance of goods and for payment. In case of delayed payment the purchaser will be held responsible for all resultant damages, in particular interest and exchange losses. In such an event, AAI reserves the right to annul the purchase contract without further notice, and to claim damages from the buyer for non-fulfillment. Accordingly, AAI may re-auction the goods at the buyer's expense, in which case the buyer is liable for any loss incurred. The buyer shall have no claim if a higher price has been achieved. The buyer will not be permitted to bid on the re-offered lot. In certain instances, either prior to or subsequent to a purchase, AAI, in its sole discretion, may extend credit to the buyer to enable the buyer to either purchase lots, or, after a purchase, to pay for the lots. ADMINISTRATIVE BURDEN FEES In the event of non-payment by the successful winning bidder, whether bidding during the auction or in after-auction/after sale or private sale, in its collection efforts to secure payment in full, AAI may incur necessary costs. In its sole discretion, AAI may impose the following costs on the non-paying bidder: 1. Re-sending via email the buyer's initial invoice ($15.00 each time sent). 2. Sending of collection-type emails or letters ($25.00 each time sent). 3. Telephone calls to the non-paying bidder ($50.00 each phone call). 4. Filing of a dispute about the non-payment with the on-line bidding company ($25.00). 5. Lifting of the dispute with the on-line company once payment is secured ($25.00). 6. Declining the non-paying bidder from participating in future auctions ($25.00). 7. Blocking the non-paying bidder from participating in future auctions ($25.00). 8. Lifting of the decline once payment is secured ($25.00). 9. Lifting of the block once payment is secured ($25.00). 10. Posting of the non-paying bidder's name to the appropriate area of the on-line bidding company's website ($25.00 each website). 11. Filing a report with any or all credit reporting agencies, whether domestic or foreign ($50.00 each Bureau). 12. Communications to and from AAI's attorneys and/or collection agency regarding non-payment: a. Emails: $25.00 minimum each email. b. Faxes: $25.00 minimum each fax c. Telephone calls: $50.00 minimum each call The above fees are due and payable on demand, and are added to the buyer's invoice. Until these fees are paid, no property will be released to the buyer. By acceptance of these T&C, buyer authorizes AAI to charge immediately the buyer's credit card for the above fees as the cost(s) is (are) incurred by AAI. In the event that AAI sues buyer in court for non-payment of the balance due, any unpaid costs will be added to court costs, attorney's fees, etc. in the eventual judgment against the buyer. RESCISSION OF SALE DUE TO ADVERSE CLAIM If we become aware of an adverse claim by a third party relating to property purchased by the buyer, either prior to or subsequent to the payment and/or delivery of the lot(s) to the buyer, we may, in our discretion, immediately rescind the sale. In the case of fully paid for and delivered goods, the buyer will promptly return the property to us and we will refund the hammer price and the buyer's premium with respect to the property. This refund will represent the buyer's sole remedy against us and/or the consignor in case of a rescission of sale under this paragraph. RESCISSION OF SALE DUE TO MISSING OR LOST LOT(S) Occasionally we may be unable to locate certain sold lots which have been purchased during or after an auction. These lots may or may not have been paid for by the buyer. If we become aware that a lot or lots is missing or lost, we may, in our discretion, immediately rescind the sale, and you agree to hold us harmless for this action. In the case of "fully paid for" missing or lost lots, we will refund the hammer price and the buyer's premium with respect to the property to the buyer. This refund will represent the buyer's sole remedy against us and/or the consignor in case of missing or lost lots under this paragraph. SHIPPING AAI ships both domestically and internationally at the request of its customers. While you are more than welcome to arrange for your own shipping, in many instances we can ship for you. Generally we ship in order of payment, so the sooner the invoice is paid, the sooner the material is shipped. Only qualifying lots qualify for in-house shipping, and generally consist of unframed flat art (paintings, prints, photographs, etc.) and generally do not include sculpture, antiques (especially furniture), and other three dimensional objects, including framed paintings, prints, and posters, especially of large size. Please inquire prior to the auction date as to which lots are qualifying. If you wish to arrange your own shipping, we would be happy to provide names of local shippers. Due to the high number of lots we sell, we are unable to deliver items to your shipper; they have to pick the items up from us. We may require a written release from you prior to releasing lots to outside shippers. If we ship for you, buyer pays a minimum $17.50 packing charge regardless of the size or value of the item(s), plus our actual cost for the packing materials or $5.00, whichever is greater, plus the actual shipping cost. Please note that these three items are charged in every case regardless of the hammer price of the lot, so please keep this in mind when bidding on lower price estimated lots. If you purchase multiple lots in the auction and/or at after-auction/after-sale or private sale, we combine the lots for shipping purposes, charging only one packing and materials fee, and shipping at actual cost. If we are shipping for you and you pay by credit card, we generally charge your credit card initially for the purchase price of the lot(s) (hammer price plus buyers premium) and then later for the shipping when the final costs have been determined. In the event that AAI ships internationally for the buyer, and encounters particularly burdensome, time consuming, or onerous customs forms, AAI may charge a minimum $25.00 fee for completion of said forms. You are responsible for all duties, customs fees, and taxes. We ship via United Parcel Service (UPS) and United States Postal Service (USPS) for domestic shipments and UPS/USPS/DHL for international shipments. Under no circumstances do we ship via FedEx, either domestically or internationally, even using your own FedEx account number. If you wish to ship FedEx, you MUST use an outside shipper. When shipping via UPS we require a signature upon delivery, unless advised in writing by you that no signature is necessary. Please note that UPS may charge us additional fees after a shipment has been initiated and we have quoted and charged you for shipping costs (e.g. a re-routing/delivery change request fee of $11.00 to deliver to a different address), these fees are passed along to you, and you hereby authorize us to charge your credit card for these charges. While many shipments will be delivered within several weeks after each auction, please note we are a traditional auction house, not an eBay seller, and generally offer over 600 lots per auction, so if you wish us to ship for you please allow up to THREE TO FIVE WEEKS from the DATE OF PAYMENT for your item(s) to LEAVE our location. If you prefer to receive your auction items on a timelier basis, or to organize shipping for lots that do not qualify for in-house shipping, please contact us for a list of local shipping agents. Any shipping services provided or arranged by us are at the buyer's sole risk and expense; we assume no responsibility for any errors or omissions in connection with any such service and/or our referral to outside shippers, who are solely responsible for their own performance. Purchases shipped out of state are exempt from sales tax. LIMITED WARRANTY All property sold by AAI by any method of sale is sold AS IS, WHERE IS, under Caveat Emptor, and AAI and its consignors make no guarantees, warranties, or representations, express or implied, with respect to the property or the correctness of the catalogue or other description(s) or the authenticity of ownership, physical condition, size, quality, rarity, importance, provenance, exhibition history, literature, or historical relevance of the property, or otherwise. However, the present auction IS NOT an "absolute auction" where property is sold to the bidder without limitations and/or contingencies. Notwithstanding the above, we do warrant the authenticity of each lot catalogued in our auctions under the terms and conditions set forth below. Unless otherwise indicated in the respective catalogue descriptions (which are subject to amendment by oral or written notices or announcements made by AAI prior to the sale): (a) With respect to autographed material (letters, historic documents, literary and musical manuscripts, and inscribed books), we warrant without time limit the authenticity of each lot catalogued herein; (b) With respect to books, maps and atlases, any print, poster, drawing, painting, gouache, watercolor, photograph, sculpture, ceramic, or antique, and any other works not included in (a) above, unless physical inspection would reveal self-evident lack of authenticity, we warrant, subject but not limited to the Cataloguing Practices paragraph above, for a period of six (6) months from the date of the sale, the authenticity of each lot catalogued herein. Except as noted above, or unless otherwise indicated in the respective catalogue description, we warrant for a period of thirty (30) days from the date of sale to the original buyer of record, that each book or manuscript is complete in text and illustration and generally is in physical condition as may be reasonably expected considering the age and provenance. This warranty does not cover damages to binding, stains or foxing, wormholes, short leaves of text or plates or any defect not affecting the completeness of the text. Moreover, this warranty does not cover the lack of inserted advertisements, blank leaves, cancels, or subsequently published volumes. Serial publications, books in original parts, extra-illustrated books, made up "albums," and lots described as sold "as is, where is," "sold not subject to return," "not collated," "collection of" or "group of," and any lot containing more than three (3) items, are sold "as is, where is" and therefore not covered by these warranties. Books, manuscripts, prints, drawings, photographs, signatures, or any other property offered in a lot comprising more than three (3) items, whether or not such items are individually named, constitute "Grouped Lots." Such "Grouped Lots" are not subject to return for any reason. The benefits of these warranties are not assignable, are applicable only to the original buyer of the lot, only when the original buyer of the lot makes full payment within seven days of the date of sale, and are conditioned on the buyer returning the work in the same condition in which it was received at time of sale and in the time period specified. The buyer's sole remedy under these warranties shall be the rescission of the sale and refund of the original purchase price paid for the item (hammer price and buyer's premium only), and this remedy shall be exclusive and in lieu of any other remedy which might otherwise be available to the buyer as a matter of law. With respect to autographed material or any book, portfolio, map, atlas, print, poster, drawing, painting, gouache, watercolor, photograph, sculpture, ceramic, antique, or any other object offered for sale, in the event that a buyer claims that an item is not authentic, AAI shall have no obligation to rescind the sale until the following have been complied with and completed: 1. The buyer has obtained, at the buyer's sole expense, the written opinions of two independent, recognized experts in the field, who are mutually agreeable to AAI and the buyer, that a lot or portion thereof is not authentic. 2. AAI, in its discretion, may require that the experts personally examine the object in question and not rely solely on images of the object provided to the experts via email, postal mail, CD-ROM, etc. 3. In their written opinions, the experts must give a detailed rationale as to why they believe the object to be not authentic. The opinion must be addressed personally to AAI at its posted place of business, be written on the expert's letterhead, and include the expert's full name, mailing address, telephone number, fax number if any, email address, website address if any, the date the opinion was rendered, and the fact that the object was personally inspected by the expert. The opinion letter must be signed by the expert with an original, autograph signature. If the expert is not self-employed and is employed by an entity such as a foundation, corporation, etc., the expert must submit the opinion on the entities' letterhead, with a statement as to whether the opinion expressed is that of the entity, the expert, or both. 4. AAI may contact the experts directly and, in its sole discretion, make contact through mail, email, and/or telephone. Refusal by the expert to communicate by the means of AAI's choosing may render the expert's opinion invalid. AAI may require supporting detail, sources, references, certificates and/or letters of authenticity, sales records, written testimony, provenance, and the like, in addition to the experts' personal opinions and rationale. 5. The experts must provide to AAI a detailed listing of their qualifications in their field and explain how and why they are qualified to give an expert opinion on the object. The experts must disclose to AAI any existing relationships with the buyer, which may include personal relationships, business relationships, etc. The experts must state in their opinion that they have read the applicable sections of these T&C pertaining to their examination of the object(s), including but not limited to Description and Condition of Lots, Cataloguing Practices, Provenance Documentation, and Limited Warranty. 6. Original copies of the experts opinions, with original autograph signatures of the experts affixed thereto must be provided to AAI. We do not hold the expert(s) harmless and reserve the right to seek recourse against the expert(s) in the case of collusion and related instances. 7. The physical object in question must be returned to AAI in its original sale condition, as sold to the buyer, before the rescission is completed. In every case, the object in question is presumed authentic as catalogued unless and until proven otherwise. Notwithstanding the above, in the case of a justified claim (determined in our sole discretion), however, we will accept the responsibility, without legal obligation, to make a claim for restitution on behalf of the buyer against the consignor within a period of six months, running from the fall of the hammer or the invoice date, whichever is earlier. In the event of a successful claim, AAI will refund the hammer price plus premium to the buyer. Any ability of the buyer to acquire, before, during, or after the fact of purchase, same, like-kind, or similar objects to those purchased through AAI at a price lower than the AAI purchase price DOES NOT constitute a justified claim. AAI does not issue Certificates of Authenticity (COA's). Our T&C protects the buyer as well as the consignor. INTELLECTUAL PROPERTY All materials including, but not limited to, content, images, photographs, data and intellectual property in all past, present, and future printed and on-line catalogues published by AAI may be protected by digital watermark technology and are the property of AAI and/or the copyright holder(s) of images. The copying or duplicating of any item in these catalogues including, but not limited to, images or data is strictly prohibited and violators will be pursued and prosecuted to the full extent of state, federal and international law including, but not limited to, the Digital Millennium Copyright Act. AAI grants a limited license to access and make personal use of these catalogues. Such license does not permit the downloading or modification of these catalogues or their contents, or any portion of an individual catalogue or its content, without the express written consent of AAI. This license does not permit the resale or commercial use of these catalogues or their contents; the collection and use of product listings, descriptions, or prices; derivative use of these catalogues or their contents; downloading or copying of information for the benefit of another merchant; data mining, robots, or similar data gathering and extraction tools. These catalogues or any portion of them may not be reproduced, duplicated, copied, sold, resold, visited, or otherwise exploited for any commercial purpose without the express written consent of AAI. Framing techniques to enclose trademarks, logos, or other proprietary information (including images, text, page layout, or form) of AAI is also not permitted without express written consent. Any unauthorized use terminates the permission or license granted by AAI. Notwithstanding the above, AAI has the right to use, in its catalogues and in advertising and promotional materials, images (including photographic images) of items being sold or that have been sold in its auctions, including all images of items which have been purchased through AAI, whether by auction, after-auction/after-sale, or private sale. By acceptance of our T&C, you acknowledge that you have read and will at all times comply with AAI's Intellectual Property section. DIGITAL MILLENNIUM COPYRIGHT ACT Pursuant to article 201.38 of the Interim Regulation, AAI's registered agent is as follows: Legal Name and Address: Ashe Auctioneers, Inc., 530 E. McDowell Road, #107-239, Phoenix, Arizona, 85004 USA; Names doing business under: Ashe Auctioneers, Inc.; Designated Agent: Ronald Ashe; Address of agent: Ashe Auctioneers, Inc., 530 E. McDowell Road, #107-239, Phoenix, Arizona, 85004 USA; Telephone: 602-266-0893; Fax: 602-266-0995; Email for notice: info@asheauctioneers.com. This information is provided to help owners of intellectual property report potentially infringing items in AAI catalogues, under the notice requirements of the Digital Millennium Copyright Act. COPYRIGHT NOTICE The entire contents of AAI's website, and all of AAI publications in any format, including but not limited to these T&C, are copyright ©2011 Ashe Auctioneers, Inc., the copyright including, but not limited to, print media, electronic media, microfiche, microfilm, CD-ROM, computer data storage, and Internet formats. All rights reserved, including the right of reproduction in whole or in part in any form. All rights to any and all publications of AAI and its website will be vigorously defended. All images contained in AAI's written or on-line catalogues or in any other publication by us in whatever form, including our website, shall remain the property of their respective owners, and the buyer of any object from AAI shall have no right of ownership, use, or reproduction of any such material by virtue of any purchase of property or otherwise. You are not permitted to distribute, modify, transmit, reuse, repost, or use any text or graphic material from any publication of AAI or from its website for public or commercial purposes, without the prior written permission of AAI. This especially includes, but is not limited to, art price and art data reporting companies and their respective on-line Internet databases, whether for-profit or non-profit, as well as on-line Internet art information and art reference sites. No part of any of AAI's publications in any format or its website may be reproduced, transmitted or used in any form or by any means - graphic, electronic, or mechanical, including photocopying, recording, typing, or by any information and storage retrieval system or otherwise - without the prior written permission of AAI. AAI's publications in any format and its website are creative works fully protected by all applicable copyright laws, as well as by misappropriation, trade secret, unfair competition, and other applicable laws. The authors and editors of AAI's publications and its website have added value to the underlying factual material therein through one or more of the following: unique and original selection, compilation, coordination, expression, arrangement, classification of the information, totality of information, and other contributions, without limitation. You should assume that everything you see or read in any catalogue or publication of AAI and its website is copyrighted unless otherwise noted and may not be used without the prior written permission of the copyright holder. ERRORS AND OMISSIONS AAI is not responsible for typographical errors or omissions. LIABILITY IN NO EVENT SHALL WE BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR AUCTIONS, OUR SERVICES, THE FAILURE OF ANY BID OR PRICING INFORMATION TO BE TRANSMITTED TO OR RECEIVED BY YOU IN A TIMELY MANNER, THE INTERRUPTION OF ANY DATA TRANSMISSION, AUDIO OR VIDEO BROADCAST, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the limitation of liability, so the foregoing limitation may not apply to you. FUTURE TERMS AAI may change, add or remove any part of its T&C at any time. If it does so, AAI will post such changes on its website. IF ANY FUTURE CHANGES ARE UNACCEPTABLE TO YOU, YOU SHOULD DISCONTINUE BIDDING AT OUR AUCTIONS OR BUYING FROM US AFTER-AUCTION/AFTER-SALE OR BY PRIVATE SALE. YOUR CONTINUED USE OF OUR SERVICES NOW, OR FOLLOWING THE POSTING OF NOTICE OF ANY SUCH CHANGES, WILL INDICATE YOUR ACCEPTANCE OF THE T&C, AND OF ANY SUCH CHANGES. GENERAL (a) Ashe Auctioneers, Inc. is located at 530 E. McDowell Road, #107-239, Phoenix, Arizona 85004 USA. Telephone 602-266-0893; Facsimile 602-266-0995; Email - information@asheauctioneers.com. (b) If any provision of these T&C is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. In our sole discretion, we may assign this. (c) Headings are for reference purposes only and do not limit the scope or extent of such section. (d) Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches. We do not guarantee we will take action against all breaches of these T&C. (e) We may amend the T&C at any time by posting the amended terms on our website. These T&C sets forth the entire understanding and agreement between us with respect to the subject matter hereof. GOVERNING LAW By making a bid, either verbally in the auction, or by telephone, or written by letter, or fax, or email, or via the Internet, or making a bid or offer in an after-auction/after-sale or private sale, the bidder confirms that he has taken notice of these T&C by auction, after-auction/after-sale, and private sale and accepts them. Agents who act on behalf of a third party are jointly and separately liable for the fulfillment of this contract on behalf of their principals. These conditions of sale will also apply to all purchases made out of this catalogue, past sale catalogues, or non-catalogued goods, after the regular sale. The rights and obligations of the parties shall be governed by the laws of the State of Arizona. All bidders and the purchaser submit to the personal jurisdiction of the Arizona State courts and their rules and procedures in case of any dispute. NOTICES Except as explicitly stated otherwise, legal notices shall be served on AAI's registered agent. JURISDICTION The place of fulfillment and jurisdiction is Phoenix, Arizona, United States of America. [August 8, 2011]

Local taxes apply if the item(s) are not shipped out of state.

Condition, like beauty, is in the eye of the beholder. When we list condition information for a lot, it is our opinion only. The absence of condition information does not mean the item is in perfect condition. We urge you to request a full condition report for any items in which you have an interest. Please refer to our Terms Conditions for more detail about Condition.

Please see our Terms Conditions of Sale for information about cataloging practices.

We accept floor bids, absentee (leftorder) bids left directly with us before or during the auction, telephone bids during the auction, and internet bids (either left with a on-line bidding platform before or during the auction or bidding live during the auction). We do not accept unlimitedbuy bids. If you wish to attend the auction, please contact us (602-266-0893; infoasheauctioneers.com) for the auction location. For absentee bids to leave with us directly, you can print out the bidder's form from our website and fax, email, or mail it to us, or you can call to leave bids directly with us. To arrange telephone bidding, please consult the absenteetelephone bid form found at our web site and then call us. Likewise, if you have questions on absentee bidding, please feel free to call or email us. All lots in our auctions, regardless of pre-sale estimate prices, are available for telephone bidding. Please note, however, that if you are approved for telephone bidding you are expected to bid at least the published starting bidopening price (generally the reserve) of the lot(s) you have registered to bid on. A limited number of telephones are available, so please sign up for telephone bids as soon as possible before the auction. Registered bidders, whether on the floor, telephone, absentee, or bidding live via the Internet, are responsible for all bidding activity on their account. Please see our Terms Conditions for more information about Bidding.

We generally sell approximately 150-200 lots per hour. Please be prepared to bid quickly when your lot(s) come up for sale.

Please note that this sale is a traditional auction and not a timed auction. We start with lot 1 and continue in numerical lot order until we sell the last lot. Some lots sell quickly, others take a while. We sell approximately 150 to 200 lots per hour, so you should be able to calculate roughly when the lot(s) you are interested in will be up for sale. The duration of the auction is approximately three to six hours long, and we have no way of knowing precisely at what hour or minute your lot(s) will be up for sale.

Sale categories in order of appearance are: 19th Century American, 20th21st Centuries American, 19th Century European, 20th21st Centuries European, Asian, Latin American, Latin American Folk Art, Old Masters, and Antiques. Auction material includes Mexican Folk Art (including Mexican Masks), American Paintings, Drawings, Sculpture, 19th 20th Century European Art, Impressionist Modern Art, Latin American Art, African-American Art, Fine Prints, Vintage and Fine Art Posters, Asian Art, Russian Art, Old Master Paintings, Prints, Drawings, Sporting Art, Maritime Marine Art, Contemporary Art, and Books.

Ashe Auctioneers is the largest Fine Art Photographs auction house in 10 of the 11 Western States (Arizona, New Mexico, Colorado, Utah, Nevada, Wyoming, Idaho, Montana, Oregon, and Washington), California being the exception. Headquartered in Phoenix, Arizona, we hold approximately 16 regularly scheduled auctions each year. We focus on traditional fine art and photography. Fine Art auctions generally consist of Old Master to Contemporary work, from the 15th to the 21st centuries, with an emphasis on 19th and 20th century material. We sell paintings, drawings, sculpture, fine prints, vintage and fine art posters, and many other types of fine art. Photographic items range from the earliest created images through the very recent. An important category in the Fine Art sales is Latin American material, with a sub-category in Mexican Folk Art. We have extensive in-house expertise in fine art and photographs, especially fine prints, and have access to national and international experts in the field. Our raditional type auctions afford bidders the ability to bid on the floor, by absentee bid (left with us or on-line), telephone bidding, and live on-line Internet bidding. We have world-wide bidders, from Iceland to South Africa, Chile to Canada. All auction lots are available for viewing by appointment prior to each auction. Payments by winning bidders can be made by cash (day of sale only), check, creditdebit card (VisaMC), or wire transfer. We ship world-wide, have an experienced in-house shipping department, and are happy to ship most items for you. If the lots you purchase are very large, we may refer you to a local shipper. We welcome consignments. Please email us at infoasheauctioneers.com if you have items in which you think we might have an interest. If you wish to be added to our mailing list, please email us at infoasheauctioneers.com. Your email address is held strictly confidential. You can, of course, opt-out at any time. For more information, including our auction calendar and upcoming events, please visit our web site (http:www.asheauctioneers.com), email us at infoasheauctioneers.com, or feel free to call us at 602-266-0893.