RAGO UNRESERVED SESSION TWO

TERMS OF SALE THIS IS AN 'AS-IS, WHERE-IS' ABSOLUTE AUCTION. NO RETURNS. Rago Arts and Auction Center 609-397-9374 (p) / 609-397-9377 (f) (Hereafter referred to as 'the Auction House'.) All bidders are responsible for reading and understanding these Terms of Sale, as well as any supplemental notices. If you have any questions after having read the Terms of Sale, please contact Miriam Tucker at mtucker@ragoarts.com or 609.397.9374, extension 141. 1. General ALL PROPERTY IS SOLD 'AS IS'. THE CONSIGNOR MAKES NO WARRANTIES OR REPRESENTATIONS OF ANY KIND WITH RESPECT TO ANY PROPERTY OFFERED FOR SALE. THE AUCTIONEER MAKES NO WARRANTY OF TITLE, WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY OTHER WARRANTY OR REPRESENTATION OF ANY KIND OR NATURE WITH RESPECT TO THE PROPERTY. In no event shall either be responsible for the correctness of descriptions, nor deemed to have made any representation or warranty of description, genuineness, attribution, provenance or condition of the property and no statement by anyone or in the catalogue, in any advertisement, or which is made at the sale, in the bill of sale or invoice, or elsewhere, shall be deemed such a warranty or representation or an assumption of liability. All bidders acknowledge their right to have made full inspection of any and all properties prior to sale and agree to be charged with all matters such inspection may have disclosed or indicated. The Auction House retains all rights to copyright and other intellectual property contained in this catalogue. 2. Auctioneer's Determination Final A lot will be sold to the highest bidder as determined in the sole and exclusive judgment of the auctioneer. The auctioneer will also have the sole and exclusive power and authority to a) resolve any disputes between bidders, b) determine whether to pass or re-offer a lot for sale, c) reject or challenge any bid or advance in the bidding, d) exclude any bidder from the premises and e) otherwise regulate the bidders, the bidding and its increments. 3. Buyer's Premium, Purchase Price, Taxes, and Billing The buyer's premium for each lot purchased is 25% on the first $50,000 of the hammer price, 20% on the portion from $50,001 through $1,000,000, and 12% on that portion of the hammer price exceeding $1,000,000. A cash discount of 3% off the 25% buyer's premium will be applied for property purchased by cash, check, wire transfer or money order if payment is received within 15 days of sale. This effectively lowers the 25% buyer's premium to 22%. No discount will be taken off the lower buyer's premium apportioned for lots that sell at $50,001 and above. On Live Auctioneers, a buyer's premium in the amount of 26% of the successful high bid will be levied. A cash discount of 3% off the 26% buyer's premium will be applied for property purchased by cash, check, wire transfer or money order if payment is received within 15 days of sale. This effectively lowers the 26% buyer's premium to 23%. No discount will be taken off the lower buyer's premium apportioned for lots that sell at $50,001 and above. Taxes: If you are shipping to a New Jersey address or if you pick up the lots you have won at our New Jersey location, you must pay the State's 7% sales tax. The only exception is for those who hold a valid resale license and file the completed New Jersey State Sales Tax Form (New Jersey Seller's Certificate Form ST3 or Non New Jersey Seller's Certificate Form ST-3NR) with Rago's at time of payment. No New Jersey sales tax is charged for purchases shipped out of state. Billing: All successful bidders will be sent invoices by mail or e-mail the week after the auction. 4. Methods of Payment and Fees Cash. Check. Wire Transfers. Money Order. Visa. MasterCard. Discover. PayPal. All payments are due immediately upon receipt of invoice. We reserve the right to hold all goods paid for by check until payment has cleared. If payment is not received within thirty (30) days of sale, the Auction House reserves the right to impose from the date of sale a late charge of 1 1/2% a month of the total purchase price and deny all future credit. 5. Payment, Collection, and Shipping Responsibilities of Buyer Buyer Obligations: On the fall of the auctioneer's hammer, title to the property immediately transfers to the successful bidder who, in turn, becomes the buyer of the Property. The buyer assumes full risk and responsibility for the purchased Property, including all costs and expenses of handling, shipping, insurance, taxes, export, and otherwise, and is liable for the full purchase price, plus the buyer's premium, applicable taxes, and any other associated expenses. The Auction House shall not be responsible for insuring buyer's property after purchase. Collection of Property and Storage Charges: The buyer will pay for the purchased Property immediately and remove it from the premises of the Auction House except by prior arrangement with the Auction House. The Auction House may, at its discretion, remove the purchased Property to public storage at the buyer's risk and expense. Those who choose to pick up their property from the Auction House following the sale must call 24 hours in advance to arrange pick-up. Normal pick-up hours are Monday-Friday, 9:00 a.m. - 5:00 p.m., excepting the hour between 12:00 and 1:00 p.m. Property purchased and left at the auction house for 90 days will be sold or donated for you. Packing and Shipping: The buyer is solely responsible for the shipment and insurance of all purchased property. We will work with any shipper of your choosing.. We are not responsible for any damage or loss that occurs while your objects are in another's or our care after purchase is made. We will also not be responsible for any and all losses that occur during shipping. As a convenience to the buyer, the Auction House will, if requested, give your property to Masterpiece Shipping in Buckingham, PA. This company will pack and ship or arrange shipment for you via UPS, FedEx or other carrier, fully insured, for a fee payable in advance by credit card. Shipments are made within a few days after payment has been received. All international customs, duties, and other tariffs are the responsibility of the Buyer. The Auction House and Masterpiece Shipping will declare the selling price as the value in all cases. Shipping larger items: Larger items are objects such as furniture, andirons, floor vases, or any other item whose safe packing will exceed the limits of common carriers. The Auction House can arrange delivery by freight almost anywhere in the United States, fully insured, for a fee. The delivery of large, heavy, or expensive objects is not an inexpensive proposition and we urge you to consider this before bidding. 6. Buyer Default Remedies: If any of the Terms of Sale are not fully complied with by the buyer, the buyer will be in default without need of notice by the Auction House. The buyer shall be liable to the Auction House and the consignor for the total purchase price, including all premiums, charges, and expenses specified in the Terms of Sale. Interest shall accrue at the rate of 18% per annum commencing with the date of the auction. In addition to other remedies available to the Auction House by law, the Auction House may, at its option: a) cancel the sale of the lot(s) on which the buyer defaulted and of any other lots sold to the defaulting buyer at the same or any other auction(s) and retain as liquidated damages all payments made by the buyer, b) resell the purchased Property, whether at public auction or private sale, or c) pursue any combination of a) and b) above. In event of default, the buyer will be responsible to the Auction House and the consignor for any deficiency, any and all costs and expenses, including reasonable attorneys¹ fees, collection fees and expenses, late charges, and other damages. The Auction House may, at its discretion, apply any proceeds of sale otherwise due to the buyer or monies of the buyer in the Auction House's possession to reduce or satisfy the buyer's obligations. Security Interest: As security for full payment to the Auction House and the consignor of all amounts due, the buyer grants the Auction House the right to retain a security interest in the Property purchased at auction and in any other property or money of buyer in the Auction House's possession or coming the Auction House's possession (collectively, 'collateral'). The Auction House shall have the rights of a secured creditor as provided by the Uniform Commercial Code and other applicable law. Such security interest in the Property or other collateral will cease when the Property is physically delivered to the buyer or the buyer's agent. 7. Qualifying to Bid As a security measure for our consignors and our company, all Buyers must establish credit. You will be asked to furnish identification and a valid credit card number, credit references. and/or (for absentee, phone and online bidders) an initial deposit in the form of a pre-authorization hold equal to 10% of the low estimate of the total number of lots on which you are bidding. First time and international buyers bidding on Asian lots with a total low estimate of $5,000 or greater will be asked to a) furnish an initial deposit in the form of a pre-authorization hold equal to 30% and b) grant the Auction House the right to charge your credit card 30% of the selling price on the day of sale. If you are acting as another's agent or principal, we may request a letter of authorization. If you are successful and do not remit payment as specified, the amount owed will be charged to your credit card together with such charges set forth in these terms of sale. If you have any questions, contact Eliane Talec, ext. 118. Bidding Numbers: All bidders must register and receive a bidding number from the Auction House prior to bidding at the auction. 8. Bidding Increments The auctioneer has the sole and exclusive power, discretion, and authority to regulate the bidding and its increments. Increments $10 until $100 is reached $25 until $500 is reached $50 until $1,000 is reached $100 until $3,000 is reached $250 until $5,000 is reached $500 until $10,000 is reached $1,000 until $30,000 is reached $2,500 until $50,000 is reached $5,000 until $100,000 is reached $10,000 over $100,000 9. Absentee Bids Absentee bids are requested by no later than 6:00 p.m. on the business day before the auction. We accept absentee bids by phone, by mail, in person, or by fax. If you fax your absentee bids, please call us to confirm receipt. All absentee bidding is handled as though you are in attendance. We buy all designated lots for you one bidding increment above where competition stops. Please check and comply with these increments. In case of failure to comply, we will reduce each off-increment bid to the next lower figure. 'Plus' bids: Because of our structured bidding increments, it is more likely that several people will leave identical bids. Since an earlier bid left with the auction house wins in the event of a tie, a later bid with an added 'plus' bid to the next increment would win the piece. Absentee bids left on Live Auctioneers are sent to the auction house during the actual sale. There is no time advantage to these bids at all. All absentee bidder names and bids are held in strictest confidence, disclosed only in the event of a question after the sale. Absentee bidding is a convenience offered to our customers and, while we will make every effort to execute your instructions, the Auction House is not liable or responsible for any errors or failure to do so. If you place absentee bids with the Auction House, then choose to attend in person, bid by phone or any other means, it is solely your responsibility to cancel any or all absentee bids prior to the start of the auction 10. Telephone Bids Rago's guarantees you a line and a phone agent for bidding until 4 PM on the day prior to an auction. After that time, we will gladly accept your absentee bids, even during the auction (up to 30 minutes before a lot goes on the block). Changes to bid lists left with us prior to the deadline will always be accommodated as best we can, as will follow-up phone bids for those who attend/must leave the auction and other exceptional cases. Please call to set up all phone line requests. Do not fax phone line requests. If you need condition reports, please request and review them prior to reserving phone lines. We can call you at two phone numbers ONLY during the auction. If you are unsure of where you or your agent will be during the sale, we recommend you leave absentee bids. Please do not change your phone number after your phone lines have been confirmed; if you do, the Auction House will not be responsible for any breakdown in communications. Overseas phone numbers only will be confirmed the day before the auction. We do not have the capacity to assign phone agents to clients who want to listen only or who will not bid the minimum selling price. Therefore, if you bid by phone, you must be willing to open bidding and bid to within 2/3 of the low estimate should the bidding go that far. You may, however, leave absentee bids for any amount. Bids are placed on the telephone at the discretion of the Auction House and at the caller's risk. Telephone bidding is a convenience offered to our customers and, while we will make every effort to execute your instructions, the Auction House is not liable or responsible for any errors or failure to do so. If you place absentee bids with the Auction House or Live Auctioneers and also bid in person, by phone or any other means, it is solely your responsibility to cancel any or all absentee bids prior to the start of the auction. If you do not or cannot, regardless of reason, you will be held responsible for the property's purchase. 11. Internet Bids The Auction House has engaged the services of Live Auctioneers for its clients who wish to bid and buy online. Please proceed to liveauctioneers.com for all necessary information on how to bid and buy online using this system. The user of Live Auctioneers indemnifies and holds the Auction House and its consignors harmless against any claim arising out of or resulting from your use of the Live Auctioneers site, including all losses, damages, liabilities, and all fees (including attorney's fees), costs, and expenses incurred in connection with any claim. Under no circumstances, including, but not limited to, negligence, shall the Auction House and its consignors be liable for lost profits or any special, incidental, or consequential damages that result from the use of, or the inability to use, this site. If you place absentee bids with the Auction House and/or Live Auctioneers and also bid in person, by phone or any other means, it is solely your responsibility to cancel any or all absentee bids prior to the start of the auction. If you do not or cannot, regardless of reason, you will be held responsible for the property's purchase. 12. Estimates The estimates provided in this catalogue are our opinion of the price that a willing buyer would pay for the property at auction, based, where possible, on prices paid for comparable items sold in the past. They are neither a representation nor a prediction of the actual selling price that will be realized at auction, post-auction sale, or upon resale, which may be substantially different from these estimates. We shall not be liable in any way for such a difference. 13. Withdrawal of Property from Sale The Auction House reserves the right to withdraw property from the sale for any reason and with no liability whatsoever for such withdrawal. 14. Rescission by Buyer All items are served 'As-Is, Where-Is,' except as expressly stated otherwise in Paragraph 7. Buyer acknowledges and expressly agrees that the provisions of this Paragraph state the sole and exclusive remedy available to a buyer in the event of non-conformity in Property purchased. The buyer understands and agrees that the exclusive remedy for any breach of the warranty shall be a rescission of the sale and a refund of the original purchase price (bid plus buyer's premium), as well as any applicable taxes paid. Neither the Auction House nor its Consignor shall be liable for damages beyond the remedy expressly provided for herein, such as, but not limited to, direct, indirect, special, incidental, punitive, or consequential, including the loss of profit or revenue, cost of obtaining alternative property, claims of customers of the buyer or otherwise. 15. Rescission by the Auction House In the event the Auction House receives notice of an adverse claim with respect to purchased Property, the Auction House shall have the right (but not the obligation), in its sole and absolute discretion, to rescind the sale to the buyer, upon written notice to the buyer. Upon such notice, the buyer will promptly return the purchased property to the Auction House's premises in the same condition as when purchased. The Auction House will then promptly refund the purchase price, including the buyer's premium and applicable taxes paid. Buyer will have no further recourse against the Auction House or the consignor, and the Auction House and the consignor shall not be liable for any damages of any nature suffered by the buyer. 16. Governing Law and Forum for Disputes The laws of New Jersey shall govern the auctions of the Auction House. Any disputes that may arise in connection with the auction and/or any auction purchase, and all of the terms and conditions set forth herein above, shall be governed by and construed in accordance with New Jersey law. Anyone who participates in the auction and/or makes auction purchases agrees to submit to the jurisdiction of the courts of the State of New Jersey with respect to any dispute arising in connection with the auction and/or any auction purchases. In the event that the Auction House needs to bring an action to enforce the terms and conditions herein and/or to collect any sum due and owing to it the Auction House shall be entitled in addition to collect its reasonable attorney's fees, collection agency fees, and cost of suit. 17. Limitations of Liability The Auction House acts only as the agent for the consignor and in no event will be liable for any breach or default by the consignor. 18. Severability and Waiver If any provision of portion of these Terms of Sale shall be deemed unlawful, void, or unenforceable under applicable law, that provision or portion shall be stricken and severed from the remaining provisions, which shall remain in full force and effect. Failure to enforce any of the provisions in these Terms of Sale shall not be deemed a waiver of the right to enforce any other provisions of these Terms of Sale. 19. No Assignment Unless the Auction House consents in writing, buyers may not assign their rights or any of their obligations related to an auction or other sale by the Auction House. 20. No Modifications These Terms of Sale may not be changed unless the Auction House and buyer have agreed to do so in a written agreement signed by both parties. 21. Export or Import It is the sole responsibility of buyers to familiarize themselves with International and U.S. laws or requirements for import and export; to identify and obtain any necessary export, import, endangered species or other permit prior to bidding; and to abide by International and U.S. laws and requirements. The Auction House and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes and will have no responsibility with regard to these matters. a) International: Several countries do not allow the importation of lots containing materials made from endangered species. This includes, but is not limited to, ivory, coral and tortoiseshell. An export license may be required for the export of certain materials, as well. b) State of California: California Penal Code sections 653o - 653r make it illegal to import into California for commercial purposes, to possess with intent to sell, or to sell within the state, the dead body, or any part or product thereof, of any polar bear, leopard, ocelot, tiger, cheetah, jaguar, sable antelope, wolf (Canis lupus), zebra, whale, cobra, python, sea turtle, colobus monkey, kangaroo, vicuna, sea otter, free-roaming feral horse, dolphin or porpoise (Delphinidae), Spanish lynx, or elephant. Starting in 2015, it will be unlawful to import into this state for commercial purposes, to possess with intent to sell, or to sell within the state, the dead body, or any part or product thereof, of any crocodile or alligator. Should a buyer in California state an intent to sell the certain animal parts named in California Penal Code sections 653o - 653r, the Auction House reserves the right to reject bids and refuse to ship. Note: Private ownership in California is not currently restricted 22. Miscellaneous Private Sales: These Terms of Sale shall apply to both auction and private sales of property. Paragraph Headings: Paragraph and subheadings are included in these Terms of Sale for ease of reference and should not be used to interpret the meaning of the substantive provisions.

Taxes: If you are shipping to a New Jersey address or if you pick up the lots you have won at our New Jersey location, you must pay the State's 7% sales tax. The only exception is for those who hold a valid resale license and file the completed New Jersey State Sales Tax Form (New Jersey Seller's Certificate Form ST3 or Non New Jersey Seller's Certificate Form ST-3NR) with Rago's at time of payment. No New Jersey sales tax is charged for purchases shipped out of state.

If you have questions on the condition of any property, we would be glad to provide our opinion. Note that specialist opinions are subjective and not a statement of fact and that all works are sold according to our Terms of Sale. Please note that it is the buyer's responsibility to request and review condition reports if heshe cannot view property in person.