JACKSON HOLE ART AUCTION

Terms and Conditions of Sale The following Terms and Conditions of Sale constitute Jackson Hole Art Auction, LLC's ("Jackson Hole Art Auction") and its agents' and consignors' entire agreement with prospective bidders, bidders and purchasers relative to the property listed in this catalogue. These Terms and Conditions of Sale and all other contents of this catalog are subject to amendment during or before the sale. The property will be offered by the Jackson Hole Art Auction as agent for the consignors, unless the catalogue indicates otherwise. 1. The Jackson Hole Art Auction assumes no risk, liability, or responsibility beyond the limited warranty contained herein. a. Except as set forth in paragraph 1(b) below, all property is sold "AS IS." There are no representations or warranties that extend beyond these Terms and Conditions of Sale. All works shall be available for examination prior to the sale. The Jackson Hole Art Auction, and its agents and consignors, make no representations or warranties as to merchantability, fitness for a particular purpose, correctness of the catalogue or description, including, but not limited to, the physical condition, size, quality, rarity, importance, medium, provenance, dates, exhibitions, literary or historical relevance of any property, and, no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere shall be deemed such a warranty, representation or assumption of liability. Nor are there any representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including, but not limited to, any reproduction rights in any property. Contents of this catalogue are subject to change or supplementation before or during the sale, including the sale of any lot. b. The authenticity of the authorship attributed to the property as described in this catalogue is guaranteed to the limited extent as stated in this paragraph 1(b). i. The authorship attributed to an item of property includes name of the artist and any reservations therewith stated, as, for example, "attributed to", "in the school of", or "appears to have been signed by." The Jackson Hole Art Auction makes no warranties whatsoever, express or implied, with respect to any material in the catalogue other than the authorship attributed to the property. ii. This guarantee is further limited as follows: The benefits of this guarantee are not assignable and shall be available only to the purchaser of record; this guarantee shall remain in force and be effective only if notice of rescission is given to the Jackson Hole Art Auction within three (3) years following the date of sale, provided the property is tendered to the Jackson Hole Art Auction in Jackson, Wyoming, in the same condition as the property was found at the time of sale; and that the rescission of a sale and the refund of the original purchase price paid (the successful bid price, plus the buyer's premium and applicable tax) is exclusive and in lieu of any other remedy which might be otherwise available, and that the Jackson Hole Art Auction and its agents and consignors shall not be liable for any incidental or consequential damages incurred or claimed. iii. In no event will the liability of the Jackson Hole Art Auction, or its agents or consignors, exceed the original purchase price actually paid. 2. Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored. 3. A buyer's premium will be added to the successful bid price and is payable by the purchaser as part of the total purchase price. If paying by cash or check, the purchase price will be the sum of the final bid price plus a buyer's premium of 15% of the final bid price of each lot up to and including $1,000,000, and 12% of the excess of the final bid price above $1,000,000, plus any applicable sales tax, shipping and handling charges. The buyer's premium is calculated separately for each lot. If paying by credit card, the purchase price will be the sum of the final bid price plus a buyer's premium of 18% of the final bid price of each lot up to and including $1,000,000, and 15% of the excess of the final bid price above $1,000,000, plus any applicable sales tax, shipping and handling charges. 4. The Jackson Hole Art Auction reserves the right to withdraw any property before or during the sale and shall have no liability whatsoever for such withdrawal. 5. Except as may be announced by the auctioneer, all bids are per lot, as numbered in the catalogue. 6. The Jackson Hole Art Auction reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser, subject to reserves. In the event of any dispute between bidders, or in the event of doubt as to the validity of any bid, the auctioneer will have the final discretion to determine the successful bidder, cancel the sale, or to reoffer and resell the article in dispute. If any dispute arises after the sale, the Jackson Hole Art Auction's sale record shall be final and conclusive. The Jackson Hole Art Auction, in its discretion, may execute orders or absentee bids as a convenience to clients who are not present at the auction; however, the Jackson Hole Art Auction is not responsible for any errors or omissions in connection therewith. 7. If the auctioneer, in his or her discretion, determines that any bid is below the reserve of the article offered, he or she may reject the same and withdraw the article from sale, and, if having acknowledged an opening or other bid, the auctioneer decides that any advance thereafter is insufficient, he or she may reject the advance. 8. On the fall of the auctioneer's gavel, the highest bidder acknowledged by the auctioneer assumes full risk and responsibility for the offered lot, subject to all of the terms and conditions set forth herein, and is immediately obligated to pay the full purchase price or such parts thereof as the Jackson Hole Art Auction may then require. All sales are final, and there shall be no exchanges or returns. Payment shall be made by cash, check, wire transfer, Visa, MasterCard, or American Express. (See, paragraph 3 above: 'If paying by credit card . . .') In addition to other remedies available to us by law, the Jackson Hole Art Auction reserves the right to impose, from the date of sale, a late charge of 1.5% per month (18% per annum) of the total purchase price, if payment is not made in accordance with the conditions set forth herein. a. All property must be removed by the purchaser at his or her expense not later than (10) business days following the sale, and if it is not so removed, (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale (until its removal) will be payable to us by the purchaser, with a minimum of 5% of the total purchase price due for any property not so removed within 60 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser. b. If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default, and in addition to any and all other remedies available to the Jackson Hole Art Auction and its agents and consignors by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, including all fees, charges, and expenses set forth herein, the Jackson Hole Art Auction, at its sole option, may (i) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser, or (ii) resell the purchased property, whether at auction or by private sale, or (iii) effect any combination thereof. The purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses, and commissions of both sales, legal fees, and expenses, collection fees, and incidental damages. In addition, a defaulting purchaser will be deemed to have granted and assigned the property or money to the Jackson Hole Art Auction or its agents and consignors or any of their affiliated companies, and the Jackson Hole Art Auction may retain and apply such property or money as collateral security for the obligations due. The Jackson Hole Art Auction and its agents and consignors shall have all of the rights accorded to a secured party under the Wyoming Uniform Commercial Code. The purchaser of each lot agrees that each lot is unique and that the Jackson Hole Art Auction, in its sole discretion, shall not be required to sell or otherwise seek to mitigate damages should such purchaser fail to pay the total purchase price. Payment will not be deemed to have been made in full until the Jackson Hole Art Auction shall have collected good funds. The Jackson Hole Art Auction reserves the right to hold all purchases pending collection of the total purchase price. 9. All lots, unless otherwise indicated by the symbol ' or letters wr, are subject to a reserve, which is the confidential minimum price acceptable to the consignor. In such instances, the Jackson Hole Art Auction may implement the reserve by bidding on behalf of the consignor. In instances where the Jackson Hole Art Auction has an interest in the lot, it may bid up to the reserve to protect such interest. The Jackson Hole Art Auction, or its agents or consignors, may also bid upon other property listed in this catalogue. 10. Jackson Hole Art Auction is the owner of images of each lot offered for sale and may use such images for its own archival purposes, as well as for advertising and publicity in connection with this or future sales by the Jackson Hole Art Auction. 11. Unless exempted by law, the purchaser will be required to pay all applicable state and local sales, gross receipts, and compensation tax. Proof of exemption in the form of a current Non-Taxable Transaction Certificate must be provided at registration. It is the purchaser's responsibility to pay any applicable compensating use tax of another state on the total purchase price. 12. These Terms and Conditions of Sale, together with the parties' respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Wyoming, without regard to Wyoming rules concerning conflicts of law. 13. Prospective bidders and purchasers agree that, in the event of any controversy or claim arising out of or relating to a sale of property, the party asserting such controversy or claim shall provide written notice thereof to the other party, and that any such controversy or claim not settled within fourteen (14) days of delivery of notice by the other party, including any controversy or claim arising from or relating to the sale, or to these Terms and Conditions of Sale, including the terms of this paragraph, shall be resolved and settled by binding arbitration in Jackson Hole, Wyoming, or such other place upon which the parties may agree, in writing; such arbitration shall be pursuant to the commercial arbitration rules of the American Arbitration Association then in effect; the award, which shall include costs of arbitration and an award of reasonable attorneys' fees to the prevailing party, shall be final, and the judgment on the award may be entered in any court having jurisdiction. 14. The Jackson Hole Art Auction may, in its discretion and at a purchaser's request, package and ship items as directed by the purchaser. In such event, purchaser agrees to the following conditions: a. All such packaging, handling and shipping is at the sole risk of the purchaser, and the Jackson Hole Art Auction shall have no liability for any loss or damage to such items; and b. Purchaser shall pay all related expenses in advance. Allow four to six weeks for shipping. 15. Results are sent to buyers, catalogue subscribers, absentee and phone bidders, and other registered bidders four weeks after the sale.

Local Taxes Apply