THE FEBRUARY AUCTION

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY AS YOU WILL BE BOUND BY THEM IF YOU BID AT AUCTION. The auction catalogue, if any, and the terms hereinafter set forth, as amended by any posted notices or oral announcements during the sale, is Grogan & Company's (herein referred to as "we", "us", or "our") and the Consignor's entire agreement with the purchaser relative to the property listed in our catalogue or otherwise offered for sale. 1. All property is sold "AS IS" and neither we nor the Consignor make any guarantees, warranties or representations, expressed or implied, with respect to the property, merchantability, or correctness of the catalogue or other description of the authenticity of authorship, physical condition, size, quality, rarity, importance, provenance, exhibitions, literature or historical relevance of the property or otherwise. 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 its condition, size and whether or not it has been repaired or restored. We and the Consignor make no representation or warranty as to whether the purchaser acquires any copyrights, including but not limited to any reproduction rights, in the property. However, if within 14 days of the sale of any lot, the purchaser gives notice in writing to us that the lot is counterfeit and within 10 days after such notice, the purchaser returns the lot to us in the same condition as when sold, and demonstrates to our satisfaction that the lot is a counterfeit, we will refund the purchase price. 2. A buyer's premium will be added to the successful purchase price and is payable by the purchaser as part of the total purchase price. The buyer's premium is 23% of the successful bid price. (20% to Grogan and Company, 3% to Live Auctioneers) 3. We reserve the right to withdraw any property before the sale. 4. We reserve the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. In the event of the dispute between bidders, or in the event of doubt on our part as to the validity of any bid, the auctioneer will have the final discretion either to determine the successful bidder or to reoffer and resell the article in dispute. If any dispute arises after the sale, our sale record in conclusive. Although in our discretion we will execute order bids or accept telephone bids as a convenience to clients who are not present at auctions, we are not responsible for any errors or omissions in connection therewith. 5. If the auctioneer decides that any bid is below the value of the article 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 and may thereafter withdraw the property. 6. 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 of the conditions set forth herein), and such bidder thereupon assumes full risk and responsibility therefore. 7. Acceptable forms of payment include: Cash, checks or wire transfer. Credit cards will be accepted for purchases up to $5,000. For checks over $2,000, property will not be released until the check clears, prior credit has been established, us a bank letter has been received prior to the sale guaranteeing said personal check. All property must be paid for and removed from our premises by the purchaser at his or her expense not later than 10 business days following its sale. If not so paid for and removed, we may send the purchased property to a public warehouse for the account of, and at the risk and expense of the purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or, in case of bank or cashier's checks, we have confirmed authenticity. For credit card purchases, please note that Grogan and Company?s terms and conditions of sale supersede any cardholder's agreement with your charge/debit card issuer. 8. If any applicable conditions herein are not complied with the purchaser, in addition to other remedies available to us and the consignor by law, including without limitation the right to hold the purchaser liable for the total purchase price, we at our option may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser or (b) resell the property at public auction without reserve, and the purchaser will be liable for any deficiency, as well as costs, including handling charges, the expense of both sales, our commission on both sales at our regular rates, all other charges due hereunder and incidental damages. 9. Unless exempt by law, the purchaser will be required to pay the Massachusetts sales tax or any applicable compensating use tax of another state on the total purchase price. The rate of sales tax in Massachusetts is 6.25%. Exemption numbers from other states are not accepted in Massachusetts. For those eligible, a Massachusetts exemption number may be applied for prior to the auction by contacting the Massachusetts Department of Corporations and Taxation, 100 Cambridge Street, Boston, Massachusetts. 10. There Conditions of Sale as well as the purchaser's and our respective rights and obligation hereunder shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts. 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, and the federal courts sitting in the Commonwealth of Massachusetts. 11. We are not responsible for the acts or omissions of carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots by us is at the entire risk of the purchaser. In no event will we be liable for damage to glass or frames, regardless of the cause. 12. In no event will our liability to a purchaser exceed the purchase price actually paid. 13. No invalidity or partial invalidity or unenforceability of any provision provided herein shall effect or impair the validity of enforceability of any other provision hereof. 14. BIDDING AT AN AUCTION WHETHER PRESENT OR IN PERSON OR BY AGENT, ORDER, BID TELEPHONE OR OTHER MEANS, CONSTITUTES YOUR ACCEPTANCE OF THESE TERMS.