PALM BEACH VILDA PORRO OBJET D' ART & ASIAN

These Conditions of Sale and the Important Notices and Explanation of Cataloguing Practice contain all the terms on which A.B. Levy’s and the seller contract with the buyer. They may be amended by posted notices or oral announcements made during the sale. By bidding in A.B. Levy’s auction you agree to be bound by these terms. 1. A.B.Levy’s As Agent Except as otherwise stated, A.B. Levy’s acts as agent for the seller. The contract for the sale of the property is therefore made between the seller and the buyer. 2. Before the Sale (a) Examination of property: Prospective buyers are strongly advised to examine personally any property in which they are interested, before the auction takes place. Condition reports are usually available upon request. Neither A.B. Levy’s nor the seller provides any guarantee in relation to the nature of the property apart from the Limited Warranty in paragraph 6 below. The property is otherwise sold “as is”. (b) Catalogue and other descriptions All statements by A.B. Levy’s in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative. 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. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose. Neither A.B. Levy’s nor the seller is responsible in any way for errors and omissions in the catalogue, or any supplemental material. (c) Buyer’s responsibility: All property is sold “as is” without any representation or warranty of any kind by A.B. Levy’s or the seller. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry. 3. At the Sale (a) Refusal of admission A.B. Levy’s has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. (b) Registration before bidding: A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require the production of bank, credit card or other financial references. (c) Bidding as principal: When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer’s premium and all applicable taxes, plus all other applicable charges, unless it has been explicitly agreed in writing with A.B. Levy’s before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to A.B. Levy’s, and that A.B. Levy’s will only look to the principal for payment. (d) Absentee bids: A.B. Levy’s will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in the currency of the place of the sale. Please refer to the catalogue for the Absentee Bids Form. If we receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with it. (e) Telephone bids: If a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone but we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. (f) Video or digital images: At some auctions there may be a video or digital screen. Errors may occur in its operation and in the quality of the image and we do not accept liability for such errors. (g) Reserves: Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The reserve will not exceed the low estimate printed in the catalogue. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. (h) Auctioneer’s discretion: The auctioneer has the right at his absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute, without any notice or explanation. If any dispute arises after the sale, our sale record is conclusive. (i) Successful bid and passing of risk: Subject to the auctioneer’s discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. Risk and responsibility for the lot (including frames or glass where relevant) passes to the buyer at the expiration of seven calendar days from the date of the sale or on collection by the buyer if earlier. 4. After the Sale (a) Buyer’s premium In addition to the hammer price, the buyer agrees to pay A.B. Levy’s the buyer’s premium of 23% together with any applicable value added tax, sales or compensating use tax or equivalent tax in the place of sale. The buyer's premium per lot is 23% of the successful bid price up to and including $200,000, and 15% on any amount in excess of $200,000. (b) Payment and passing of title: Immediately following the sale, the buyer must provide us with his or her name and permanent address and, if so requested, details of the bank from which payment will be made. The buyer must pay the full amount due (comprising the hammer price, buyer’s premium and any applicable taxes) immediately after the sale. The buyer will not acquire title to the lot until all amounts due to us from the buyer have been received by us in good cleared funds even in circumstances where we have released the lot to the buyer. Terms of payment: cash (may not exceed 10,000, personal check with valid identification, money order, cashier's check, or wire transfer. All funds must clear prior to purchases being released or shipped. If you wish to pay with American Express, Master Card or Visa, you must present the Card in person to A.B.L's. All charges are subject to the acceptance by A.B.L's and an approval by the Card Issuer. Credit card purchases may not exceed $10,000. Under no circumstances, will A.B.L's liability to a purchaser exceed the full purchase price actually paid. (c) Collection of purchases: We shall be entitled to retain items sold until all amounts due to us have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall collect purchased lots within (14) calendar days from the date of the sale unless otherwise agreed between us and the buyer. 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. The buyer shall give twenty-four hours’ notice of collection and provide A.B. Levy’s with written authorization to release purchases to a selected shipper or individual. (d) Packing, handling and shipping: Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions. (e) Export/Import Permits: Property sold at auction may be subject to laws governing export from the US and import restrictions of foreign countries. Buyers should always check whether an export license is required before exporting. It is the buyer's sole responsibility to obtain any relevant export or import license. The denial of any license or any delay in obtaining licenses shall neither justify the rescission of any sale nor any delay in making full payment for the lot. The fact that the buyer wishes to apply for an export license does not affect his or her obligation to make payment within two days nor our right to charge interest or storage charges on late payment. Local laws may prohibit the import of some property and/or may prohibit the resale of some property in the country of importation. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer where payment is made by the buyer in circumstances where an export license is required. (f) Remedies for non payment: If the buyer fails to make payment in full in good cleared funds within (7) business days we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law): (i) to charge interest at such rate as we shall reasonably decide; (ii) to hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law; (iii) to cancel the sale; (iv) to resell the property publicly or privately on such terms as we shall think fit; (v) to set off against any amounts which we, or A.B. Levy’s International plc, or any of its affiliates, subsidiaries or parent companies worldwide, may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer; (vi) where several amounts are owed by the buyer to us, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the buyer so directs; (vii) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids; (ix) to exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer’s obligations to us; (x) to take such other action as we deem necessary or appropriate. If we resell the property under paragraph (iv) above, the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the seller under paragraph (v) above, the buyer acknowledges that A.B. Levy’s shall have all of the rights of the seller, however arising, to pursue the buyer for such amount. (g) Failure to collect purchases: Where purchases are not collected within (14) calendar days from the date of the sale, we shall be permitted to remove the property to a third party warehouse at the buyer’s expense, and only release the items after payment in full has been made of removal, storage, handling, insurance and any other costs incurred, together with payment of all other amounts due to us. (h) Selling Property at A.B. Levy’s: In addition to expenses such as transport and insurance, all consignors pay a commission according to a fixed scale of charges based upon the value of the property sold and bought at A.B. Levy’s in a calendar year. Commissions are charged on a sale by sale basis, at the then applicable level. 5. Extent of A.B. Levy’s Liability We agree to refund the purchase price in the circumstances of the Limited Warranty set out in paragraph 6 below. Apart from that, neither the seller nor we, nor any of our officers, employees or agents, are responsible for the correctness of any statement of whatever kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Except as stated in paragraph 6 below, neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph. 6. Limited Warranty Subject to the terms and conditions of this paragraph, A.B. Levy’s warrants for a period of (30) days from the date of the sale that any property described in headings printed in UPPER CASE TYPE (i.e. headings having all capital-letter type) in this catalogue (as such description may be amended by any saleroom notice or announcement) which is stated without qualification to be the work of a named author or authorship, is authentic and not a forgery. The term “author” or “authorship” refers to the creator of the property or to the period, culture, source or origin, as the case may be, with which the creation of such property is identified in the UPPER CASE description of the property in this catalogue. Only UPPER CASE TYPE headings of lots in this catalogue indicate what is being warranted by A.B. Levy’s. A.B. Levy’s warranty does not apply to supplemental material which appears below the UPPER CASE TYPE headings of each lot and A.B. Levy’s is not responsible for any errors or omissions in such material. The warranty does not apply to any heading which is stated to represent a qualified opinion. The warranty is subject to the following: (i). The buyer must give written notice of claim to us within (30) days from the date of the auction. It is A.B. Levy’s general policy, and A.B. Levy’s shall have the right, to require the buyer to obtain the written opinions of two recognized experts in the field, mutually acceptable to A.B. Levy’s and the buyer, before A.B. Levy’s decides whether or not to cancel the sale under the warranty. (ii) The buyer must return the lot to the A.B. Levy’s saleroom at which it was purchased in the same condition as at the time of the sale. 7. Copyright The copyright in all images, illustrations and written material produced by or for A.B. Levy’s relating to a lot including the contents of this catalogue, is and shall remain at all times the property of A.B. Levy’s and shall not be used by the buyer, nor by anyone else, without our prior written consent. A.B. Levy’s and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it. 8. Severability If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law. 9. Law and Jurisdiction The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in which the auction is held. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have submitted, for the benefit of A.B. Levy’s to the exclusive jurisdiction of the courts of that country, state, county or province, and (if applicable) of the federal courts sitting in such state. Licensed by the State of Florida, AB 3195. Principal Auctioneer: Albert Levy AU 4485.