Palm Beach Jewelry,Watch,Art&Antiques Auction

CONDITIONS OF SALE These Conditions of Sale constitute Rare Antiques of the World, Inc. dba A.B. Levy (herein referred to as the ?Gallery?) and Consignors? entire agreement with purchasers with respect to all property offered for sale by the Gallery in its catalogues. These Conditions of Sale are the complete and only terms and conditions on which all property is offered for sale. 1. All Property is sold ?AS IS.? Neither the Gallery nor the Consignor makes any guarantees, warranties or representations, expressed or implied, with respect to the description, authorship, authenticity, merchantability, fitness, value, physical condition, size, quality, rarity, importance, provenance, exhibitions, literature or historical relevance of any property offered for sale or the correctness or accuracy of any catalogue provided by the Gallery. No statement anywhere, whether oral or written, shall be deemed such a guarantee, warranty or representation. Prospective bidders should inspect the property before bidding to determine anything that may be of significance to them, including, without limitation, the property?s condition, size, authenticity, value and whether or not it has been repaired or restored. The Gallery and the Consignor make no representation or warranty as to whether the purchaser acquires any reproduction rights in any property. 2. However, if within 30 calendar days after the sale of any lot the purchaser gives notice in writing to the Gallery that the lot is counterfeit and within 14 calendar days after such notice the purchaser returns the lot to the Gallery in the same condition as when sold, and the purchaser, also within 14 calendar days after such notice, demonstrates to the Gallery?s satisfaction, by providing properly executed and notarized affidavits by two (2) recognized scholars or experts in that particular field in which the lot is categorized, that it is counterfeit, the Gallery will refund the full purchase price. 3. A buyer?s premium will be added to the successful bid price of each lot and is payable by the purchaser as part of the total purchase price. The buyer?s premium per lot is 20% of the successful bid price up to and including $100,000, and 15% on any amount in excess of $100,000. 4. The Gallery reserves the right to withdraw any property before or during the auction. 5. Unless otherwise announced by the auctioneer, all bids are by lot as numbered in the Gallery?s catalogue. 6. The Gallery reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. In the event of any dispute between bidders, or in the event of doubt on the Gallery?s part as to the validity of any bid, the auctioneer will have the absolute discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any disputer arises after the sale, the Gallery?s sale record is conclusive. Although in the Gallery?s discretion it may execute order bids or accept telephone bids as a convenience to bidders who are not present at auctions, the Gallery is not required to do so and is not responsible for any errors or omissions in connection therewith. 7. If the auctioneer decides that any opening bid is below the value of the item offered, he may reject the same and withdraw the article from sale, and if having acknowledged an opening bid, he decides that any advance thereafter is insufficient, he may reject the advance. 8. On the fall of the auctioneer?s hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, subject to fulfillment by such bidder of all the conditions set forth herein, and such bidder there upon (a) assumes full risk and responsibility therefore, (b) will pay the full purchase price the day of the auction, or such part as the Gallery may accept, and (c) will remove the property from the Gallery premises at his expense not later than 3 business days following its sale. If any portion of the purchase price is not paid when due, it shall bear interest at the rate of 1 1/2% per month. 9. If any applicable conditions contained herein are not complied with by the purchaser, the Gallery may, in addition to other remedies available by law and without limitation, (a) hold the purchaser liable for the total purchase price, (b) retain any payment made by the purchaser, and/or (c) resell the property at public auction without reserve or privately and the original purchaser will be liable for any deficiency in the purchase price, all costs and expenses, including without limitation handling and warehouseing, the expenses of both sales, reasonable attorney?s fees, commissions on both sales at regular rates, incidental and consequential damages and all other charges due hereunder. In addition, a defaulting purchaser hereby grants to the Gallery a security interest in, and it may retain as collateral security for such purchaser?s obligations, any property in the Gallery?s possession owned by such purchaser. The Gallery shall have all of the rights afforded a secured party under provisions of the Uniform Commercial Code applicable in the State of Florida with respect to such property and the Gallery may apply against such obligations all monies held or received by the Gallery for the account of, or due from the Gallery to, such purchaser. At the Gallery?s option, payment will not be deemed to have been made in full until the Gallery has collected funds represented by checks, or ,in the case of bank or cashier?s checks, the Gallery has confirmed their authenticity. 10. All property offered for sale may be subject to a reserve, which is the confidential minimum price below which such property will not be sold. The Gallery may implement such reserves by bidding on behalf of the Consignor. 11. Unless exempt by law, the purchaser shall pay any state and local sales tax at the time of the payment of the total purchase price or any part thereof. 12. These Conditions of Sale as well as the purchaser?s and the Gallery?s respective rights and obligations hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Florida. By bidding at an auction, whether present in person or by agent, order bid, telephone or other means, the purchaser shall be deemed to have consented to the jurisdiction of the state courts of, and the federal courts sitting in, the State of Florida. 13. The Gallery may arrange delivery of a purchased lot, within or outside the State of Florida, provided reasonable written instructions are given by the purchaser, and full payment is made for all packing, shipping and insurance charges, in advance. The Gallery is not responsible for the acts or omissions of carriers or packers, or the employees or agents of either, of purchased lots, whether or not recommended by the Gallery. Packing and handling of purchased lots by the Gallery is at the entire risk of the purchaser. In no event will the Gallery be liable for damage to glass or frames, regardless of the cause. 14. Under no circumstances in any sale will the Gallery?s liability to a purchaser exceed the purchase price actually paid. 15. If you wish to pay for any purchase with your MasterCard of Visa, you must present the card in person to the Gallery. All charges are subject to acceptance by the Gallery and by MasterCard or Visa, as the case may be. In the case a charge is not approved, you will nevertheless be liable to the Gallery for all sums incurred by you. Licensed by the State of Florida, Principal Auctioneer: George A. Martin, Lic. No. 246

Unless exempt by law, the purchaser shall pay any state and local sales tax at the time of the payment of the total purchase price or any part thereof. For any property collected or received by the purchaser in Florida, such property is subject to sales tax by the the existing Florida State rate of 6.0%. A.B. Levy is not required to collect sales tax on property delivered to states outside of Florida, it is the responsibility of the purchaser to self assess any sales or use tax and remit it to tax and authorities in that state.