Photographs

1. Auction 1.1 VAN HAM Kunstauktionen KG (hereinafter referred to as "VAN HAM") conducts auctions in a public auction as commission agent on its own behalf and on behalf of the clients (the "Sellers"), who shall remain anonymous. 1.2 The items to be auctioned may be viewed and examined prior to the auction, the potential buyers being liable for any damage caused by them to the items exhibited. 2. Condition, Warranty 2.1 The works of art that are up for auction and can be examined and viewed as part of the advance viewing are without exception used items. They are in a state of repair that corresponds to their age and provenance. Objections to the state of repair are only men-tioned in the catalogue if in the opinion of VAN HAM they ad-versely affect the visual impression of the work of art as a whole. Potential buyers may request a status report for every work of art. In all cases the actual state of repair of the work of art at the time a bid is accepted is the agreed condition for purposes of the statutory provisions. 2.2 All information contained in the catalogue is based on the scien-tific knowledge that has been published or is otherwise generally available up until the date of the auction. If an additional Internet catalogue is prepared, the information in the printed version shall nevertheless prevail. VAN HAM reserves the right to correct catalogue information on the works of art that are to be auctioned. Said correction is made by written notice at the location of the auction and orally by the auctioneer immedi-ately before the specific work of art is auctioned. The corrected information will replace the description in the catalogue. 2.3 Irrespective of the rule in Clause 2.1, the information in the cata-logue relating to authorship, technique or signature of the work of art is part of the condition that is agreed with the Buyer. VAN HAM provides no special guarantee resulting in additional rights (Sections 443, 477 of the German Civil Code (BGB)); nor is said agreement as to the condition grounds for any stricter liability than that provided by law (Section 276 (1) of the German Civil Code (BGB)). Additional characteristics as to condition other than authorship, technique or signature of the work of art are not con-tractually agreed, even if the work of art is presented for advertis-ing purposes. The same applies to reproductions contained in the catalogue. The purpose of said reproductions is to give potential buyers an idea of the work of art; they are neither an integral part of the agreement as to condition nor a guarantee as to condi-tion. 2.4 If, prior to the expiry of the prescription period pursuant to Clause 2.6, the Buyer proves that information in the catalogue concerning - authorship, - technique or - signature of the work of art is inaccurate and did correspond to the ac-knowledged opinion of the experts on the date of the auction, he may rescind the contract and demand a repayment of the pur-chase price already paid by him pursuant to Clause 5 from VAN HAM, if there are no third party claims in the work of art and the work of art is returned to the registered offices of VAN HAM in Cologne in an unaltered condition. If the Buyer so chooses, the purchase price may be reduced as an alternative; due to the very nature of the matter, claims for subsequence performance are ex-cluded. Proof of inaccuracy is also deemed to be provided if an interna-tionally recognised expert in the author stated in the catalogue refuses to include the work of art in the index of works prepared by him ("Catalogue Raisonné"). 2.5 Damages claims against VAN HAM for legal and material defects and on other legal grounds (including compensation for futile ex-penses or cost for expertises) are excluded unless they are due to intentional or grossly negligent conduct by VAN HAM or to the breach of significant contractual duties by VAN HAM or are caused by injury to life or limb or damage to health. 2.6 All claims against VAN HAM shall expire one year after the work of art for which there is a successful bid is handed over, provided they are not due to a legal breach that is intentional. 3. Conduct of Auction, Bids 3.1 The price estimates stated in the catalogue are not minimum or maximum prices but are used only as an indication for the mar-ket value of the items and no warranty is given as to their accu-racy. Other currency information is provided simply for informa-tional purposes and is not binding. Low value items may be auc-tioned as group lots outside the catalogue. 3.2 VAN HAM reserves the right during the auction to combine, separate, offer out of sequence or withdraw numbered lots. 3.3 All bids are deemed to be submitted by the bidder on his own behalf and for his own account. If a bidder wishes to bid on be-half of a third party he must notify this 24 hours prior to the start of the auction, stating the name and address of the party he is representing and submitting a written power of attorney. Other-wise the purchase contract is concluded with the bidder when the bid is accepted. 3.4 Bids may be submitted in the auction room by any bidder regis-tered with VAN HAM by means of a bidder number. 3.5 Subject to VAN HAM’s consent, absentee bids may also be sub-mitted, i.e. in writing, by telephone or online. Absentee bids are generally permitted if the bidder has applied to VAN HAM for permission at least 24 hours prior to the start of the auction. The application must specify the work of art and list the lot number and catalogue name. In case of doubt, the lot number shall pre-vail; the bidder shall bear the consequences of any uncertainties. VAN HAM accepts no responsibility for processing the absentee bids. This does not apply where VAN HAM is responsible for a mistake made intentionally or through gross negligence. Once ac-cepted, absentee bids shall be equivalent to bids made in the auc-tion. 3.6 The written bid must be signed by the bidder and specify the hammer price that is bid for the work of art (bid price without premium, droit de suite, customs charge, where applicable, and V.A.T.). Written bids are deemed to constitute bids already sub-mitted during the auction. If VAN HAM receives several written bids for the same amount for the same work of art, the bid that was received first shall be accepted if there is no higher bid. If the bids are received on the same day the decision shall be made by drawing lots. Each written bid shall be used by VAN HAM only in the amount necessary to outbid another bid that has been made. 3.7 Telephone bids may be recorded by VAN HAM. By applying for telephone bidding, the applicant declares that he agrees to the re-cording of telephone conversations. VAN HAM is not liable for setting up and maintaining telecommunications connections or for transmission errors. 3.8 VAN HAM shall decide if and under what conditions bids over the Internet are permitted. Bids over the Internet are only permitted if the bidder has been authorised by VAN HAM to bid over the Internet by providing him with a user name and password. They only represent valid bids if they can be unequivocally matched to the bidder by means of such user name and password. Bids over the Internet are recorded electronically. The accuracy of the tran-scripts is accepted by the bidder/Buyer, who is nevertheless free to adduce evidence that they are inaccurate. Bids over the Internet, which are submitted prior to the start of the auction, are invalid. Bids over the Internet, which are submit-ted during the ongoing auction, are regarded in the same way as bids from the auction room. Bids over the Internet, which are submitted after the end of the auction, are deemed to constitute offers for the conclusion of a purchase contract in the subsequent sale. A contract is concluded only after VAN HAM accepts the bid. 4. Acceptance of Bid, Passing of Risk, Collection 4.1 A bid is accepted after the auctioneer has called the highest bidder’s bid three times. When a bid is accepted a purchase con-tract is created between VAN HAM and the bidder whose bid has been successful. VAN HAM may refuse to accept the bid or accept it subject to reservation. This applies in particular when a bidder, who is not known to the auctioneer or with whom there is no business relationship as yet, does not, by the start of the auction at the latest, provide security in the form of bank information or guarantees. In principle, however, no entitlement to having a bid accepted exists. If a bid is refused, the previous bid remains valid. If several people place the same bid and there is no higher bid af-ter three calls, the decision will be made by drawing lots. VAN HAM may revoke acceptance of the bid and re-offer the item if a higher bid that was made at the proper time has been overlooked by accident, if the highest bidder does not want his bid to stand, or if there are other doubts as to the acceptance. If no bid is suc-cessful even though several bids were submitted, VAN HAM is li-able to the bidder only for intent or gross negligence. A bidder remains bound to a bid that has been accepted subject to reserva-tion for a period of one month. A bid accepted subject to reserva-tion only becomes valid if VAN HAM confirms the bid in writing within one month after the date of the auction by submitting a corresponding invoice. 4.2 Acceptance of a bid imposes an obligation to collect the item. Risk passes to the buyer when the bid is accepted. Buyers who are present must collect the items immediately after the auction. In principle, the items are only handed over following payment in full of all sums owed by the Buyer. 4.3 Buyers who are not present must collect the items immediately after VAN HAM has advised them that the bid has been success-ful. VAN HAM shall organise the insurance and shipment of the work of art to the Buyer only upon the latter’s written instruc-tions and at his cost and risk. 4.4 If the buyer has not collected the items from VAN HAM at the latest three weeks after his bid has been accepted and/or after he has been notified, VAN HAM will call upon the buyer to collect the items within one week. At the end of said period VAN HAM is entitled to have the items kept in a warehouse at the cost and risk of the buyer. VAN HAM shall inform the buyer prior to storage. Irrespective of this, VAN HAM may elect to demand performance of the contract or assert statutory rights for breach of duties. For the purpose of calculating any loss, reference is made to Clauses 5 and 7 of these Terms and Conditions. VAN HAM shall under no circumstances be liable for loss of or damage to items that have not been collected or not handed over due to non-payment, unless VAN HAM acted intentionally or with gross negligence. 5. Purchase Price, Payment 5.1 The Buyer must pay, in addition to the bid price, a premium of 22%, which already includes statutory V.A.T. but, due to differen-tial taxation under Section 25a of the German Turnover Tax Act (UStG), is not stated. Lots which are listed in the appendix to be sold with VAT are calculated in line with standard taxation, i.e. statutory turnover tax is levied on the bid price plus 16% pre-mium; this currently amounts to 16% (Objet d'arts, furniture, jewellery, carpets, silkscreens, offsets, photographs, etc.) i.e. 7% (paintings, drawings, prints, sculptures, etc.). To compensate for the statutory droit de suite (Section 26 of the German Copyright Act (UrhG), VAN HAM shall pay VG Bild-Kunst in Bonn a charge on the sale proceeds for all original works of art (within the field of fine arts) that have been created since 1900 (with the exception of photographs and books). The Buyer shall bear a proportion thereof in the form of a lump-sum alloca-tion amounting to 1% of the hammer price, thus exempting him from his own obligations arising from the droit de suite. For mer-chants who have a right to deduct input tax, the invoice may, if desired, (after prior notification) be made out in line with stan-dard taxation. V.A.T. is not charged on shipments to foreign countries (i.e. outside the EU) nor – when the VAT-ID no. is stated - to companies in EU member states. If parties participating in an auction take purchased items into foreign countries themselves, they will be reimbursed the turnover tax as soon as VAN HAM has the export and acquirer certificate. Invoices issued during or immediately after the auction must be verified; errors remain re-served to this extent. 5.2 Payment of the total amount due upon acceptance of a bid must be made in cash or by bank certified cheque. Cheques are only accepted on account of performance. All taxes, costs, transfer or encashment fees (including the bank charges deducted by VAN HAM) are to be borne by the Buyer. Purchasers who participate in person at the art auction must pay VAN HAM the purchase price immediately after the bid is accepted. Default in payment commences two weeks after the date of the invoice. Payments must be made to VAN HAM in Euro. The same applies to cheques, which are only accepted as performance once they have fully cleared through the bank. 6. Retention of Title, Offset, Right of Retention 6.1 Title to the work of art passes to the Buyer only upon receipt of all payments owed under Clause 5 in full. In the event that the Buyer sells the work of art before he has met all of VON HAM’s claims, the Buyer hereby assigns to VAN HAM all claims arising from the resale. VAN HAM hereby accepts such assignment. 6.2 Against claims by VAN HAM, the Buyer can only offset claims that are undisputed or that have been legally and finally determined. 6.3 The Buyer has no right of retention based on claims arising from any prior transaction with VAN HAM. To the extent that the Buyer is a merchant, he waives his rights under Sections 273, 320 of the German Civil Code (BGB). 7. Default 7.1 The purchase price is due upon acceptance of the bid. 7.2 In the event of default in payment, default interest of 1% per month is charged. The buyer is entitled to provide evidence that the loss is less or that there is no loss. In addition, in the case of default in payment, VAN HAM may elect to demand performance of the purchase contract or may rescind the contract after setting a suitable period for performance. In the event of rescission, all of the Buyer’s rights to the purchased work of art shall lapse and VAN HAM shall be entitled to demand damages amounting to the lost fee for the work of art (consignor commission and premium). If the item is reauctioned at a new auction, then the defaulting Buyer is additionally liable for any shortfall in proceeds compared with the earlier auction and for the costs of the repeat auction; he is not entitled to any excess proceeds. VAN HAM has the right to exclude him from further bids in auctions and to pass his name and address on to other auction houses for the purpose of ban-ning him. 7.3 One month after default has occurred, VAN HAM is entitled to and, if the consignor demands it, required to provide the latter with details of the name and address of the Buyer. 8. Miscellaneous Provisions 8.1 These Auction Terms and Conditions shall govern all relations between the Buyer and VAN HAM. The Buyer’s General Commer-cial Terms and Conditions shall not apply. There are no verbal ancillary agreements. Amendments must be made in writing to be valid. 8.2 Cologne is the sole place of performance and shall be the exclu-sive place of venue for all transactions between qualified mer-chants. German law shall apply; the UN Convention on Contracts for the International Sale of Goods (CISG) shall not apply. 8.3 The above provisions shall also apply mutatis mutandis to the private sale of the items consigned for auction. 8.4 If any of the above provisions are invalid in whole or in part, the validity of the remaining provisions shall remain unaffected thereby. In cases of doubt the German version of these Auction Terms and Conditions shall prevail. Markus Eisenbeis General Partner/Managing Director public sworn auctioneer

We would like to inform you that according to the current tax regulations each client who purchases an item in one of our auctions is liable to the payment of VAT (16% for photographs, furniture, jewellery, objets darts, rugscarperts. 7 % for painting, sculptures, works on paper, prints). This regulation is valid even if the personcompany intends to export the item(s) into a country not belonging to the EU or to a freeport. As soon as we receive the export declaration by the customs or the transport company, which prove that the item(s) hashave left the EU, we will send you a new invoice and a cheque or transfer the money as a VAT refund. It is also possible for you to write a cheque only for the VAT amount, which we will not collect. After having received the proof of export we will send the cheque back to you. We can only draft an invoice without VAT for lots purchased at one of our auctions, if we receive the order for the organisation of the transport of your lots together with a written confirmation that the transport charges will be paid by you in advance.

On December, 4th 2005 at 5.00 p.m. (local time) more than 180 works of photography from the 19th to the 21st century will be on sale at VAN HAM Fine Art Auctions in Cologne. Original prints by internationally well known photographers such as August Sander or Albert Renger-Patzsch are offered, as well as contemporary photography by, for example, Candida Höfer, Thomas Struth, Boris Becker and Wolfgang Tillmans. For years now, VAN HAM is known as a specialist for photographs from the studio of Hugo Schmölz, e.g. very interesting architectural views from the 1930s to the 1950s. Furthermore, outstanding Camera Work photogravures are on sale. The group fotoform' is represented with works by Peter Keetman. Also remarkable are original prints from the 1950-1970s by Robert Häuser and Heinrich Riebesehl. International contemporary artist such as Miriam Bäckström, Sam Samore and Lynne Cohen will also be on sale. VAN HAM owner-manager Markus Eisenbeis and photography expert Anne Ganteführer-Trier are happy about this year's splendid offerings and hope for vivid international response