Studio 54-Steve Rubell & Important Modern

AUCTION TERMS AND CONDITIONS Buyers participating in Palm Beach Modern Auctions' auction acknowledge and accept the following 'Auction Terms and Conditions.' In the 'Auction Terms and Conditions,' the terms 'you,' 'your,' 'buyer,' 'bidder,' or similar terms mean a person bidding on or buying property. By registering to bid or by placing a bid through any means, you agree to be bound by the following terms and conditions: 1. Conduct of the Auction: The auctioneer has the right, in his/her absolute discretion, to determine the conduct of the sale, including, without limitation, to advance the bidding, to reject any bid offered, to withdraw any lot, to re-offer and resell any lot, and to resolve any dispute in connection with the sale. In any such case, the judgment of the auctioneer is final and shall be binding upon all participants in the sale. If the Internet stops working during an auction, the auctioneer has the right, in his/her absolute discretion, to proceed with the auction or to reschedule the auction. Objects, Furnishings and Decorative Arts, Inc. does business as Palm Beach Modern Auctions, and its galleries, Objects20C and Objects in the Loft, both bid and purchase lots offered by Palm Beach Modern Auctions. 2. Bid Increments: The sale will be conducted in the following increments: from $0, increments of $25; from $500, increments of $50; from $1000, increments of $100; from $3000, increments of $250; from $5,000, increments of $500; from $10,000, increments of $1000; from $30,000 (and above), increments at the auctioneer's discretion. 3. Buyer's Premium: Bidders will be charged a 23% buyer's premium. The total sales price of an item will be calculated as follows: the hammer price of the item plus the 23% buyer's premium plus 6% West Palm Beach sales tax, unless exempt (see 'Sales Tax' below). Bidders paying by credit card will be charged an additional 2.5%. 4. Sales Tax: Sales tax will be added to all purchases at the rate of 6% (West Palm Beach County sales tax rate) of the final purchase price. No sales tax will be charged if the successful bidder provides us with a copy of a valid 'Resale Form' or 'Tax Exempt Certificate.' Items shipped out of state are not subject to sales tax as long as the successful bidder furnishes us with a copy of a shipping document from a shipper showing that the lots are being shipped out of state. 5. Payment: Payment must be made within seven (7) business days following the auction. Payment may be made by wire transfer, check, cashier's check, money order, Visa, Mastercard, and Discover. Buyers paying by credit card must sign and date the 'Auction Terms and Conditions & Credit Card Authorization Form' and submit same to Palm Beach Modern Auctions. Buyer consents to the completion of buyer's credit card transaction without buyer's signature. Checks should be made payable to 'Palm Beach Modern Auctions.' Note to international bidders: International bidders must pay by wire transfer; we will accept no other form of payment other than wire transfer. If a buyer fails to make timely payment as required in this paragraph, we shall be entitled, in our discretion, to exercise any remedies legally available to us, including, but not limited to, the following: (a) cancellation of the sale of the property to the non-paying buyer, including the sale of any other property to the same buyer; (b) reselling the property at public or private sale, with or without reserve; (c) retention of any amounts already paid by the buyer as liquidated damages; (d) rejection of any bids by the buyer at future auctions; (e) setting off any amounts owed by us to the buyer in satisfaction of unpaid amounts; and (f) taking of any other action we deem necessary or appropriate under the circumstances. 6. Lot Descriptions: Palm Beach Modern Auctions has described each lot as accurately as possible. Measurements are approximate and are used mainly for shipping purposes. Bidders should call, e-mail, or fax us with any questions prior to placing their bids. All property is sold 'as is' with no representation or warranty of any kind from Palm Beach Modern Auctions or the consignor. Palm Beach Modern Auctions assumes no responsibility for errors and omissions contained in the catalog. Any statements made in the catalog are intended as statements of opinion only and are not to be relied upon as statements of fact and do not constitute representations or warranties of any kind. 7. Inspection of Merchandise: All property is sold 'as is' with no representation or warranty of any kind from Palm Beach Modern Auctions or the consignor. Because buyers are responsible for satisfying themselves as to the condition or any other matter concerning the property, they are advised to personally examine any property on which they intend to bid prior to the auction. Prospective buyers may view lots at our auction location during the hours advertised. As a courtesy, condition reports for any lot are available from Palm Beach Modern Auctions prior to the sale, but Palm Beach Modern Auctions assumes no responsibility for errors and omissions contained in any such report provided at the request of a buyer. Any statements made in any condition report, whether orally or in writing, are intended as statements of opinion only and are not to be relied upon as statements of fact and do not constitute representations or warranties of any kind. 8. Estimates: Estimates are provided only as a guide for prospective buyers. 9. Reserve Price: Some lots offered are subject to a reserve. A reserve is a confidential minimum price below which the lot will not be sold. We will act to protect the reserve by bidding through the auctioneer. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the Seller and may continue to bid on behalf of the Seller up to the amount of the reserve. 10. Inquiries: If you have questions regarding a lot, please e-mail us specific questions. 11. Withdrawals: Palm Beach Modern Auctions reserves the right to withdraw any item from the auction for any reason and shall have no liability whatsoever for such withdrawal. 12. Shipping/Pick-up/Storage: We will assist customers in obtaining shipping quotes and with the shipping process after the auction is completed. If you would like to obtain a shipping quote prior to the auction, please contact us by phone or email for a list of shippers, or contact your own shipper (we do not pack or ship items for insurance reasons, and any shipping list provided is only provided as a service to our clients; we do not endorse any of these shipping companies). We will not obtain shipping estimates prior to the auction, but we highly recommend that bidders obtain shipping quotes prior to bidding. Final arrangements regarding shipping, and costs associated with shipping are the responsibility of the buyer. Shipping is a contract between the buyer and the shipper. Palm Beach Modern Auctions is not a party to the shipping contract. No items will be released for shipping until payment is received in full. All checks must clear before a lot will be released to a shipper. Items that are paid for in full may be picked up at our exhibition facility Monday through Friday between 10:00 A.M. to 5:00 P.M. by the winning bidders or their shippers. Please call us the day before pick-up. If a shipper is picking the items up, please e-mail us a short note giving us permission to release the items to your shipper. All winning lots must be picked up within thirty (30) working days following the close of the auction. After thirty (30) days, each lot will become subject to storage fees of not less than $5 per day. After 180 days following the close of the auction, any lot which is not picked up will become the property of Palm Beach Modern Auctions and may be disposed of in any manner by Palm Beach Modern Auctions without recourse. 13. Rescission of Sale: If we become aware of an adverse claim of a third party relating to property purchased by the buyer, we may, in our discretion, rescind the sale. Upon notice of our election to rescind a sale, the buyer will promptly return the property to us, at which time we will refund to the buyer the hammer price and buyer's premium paid to us by the buyer in respect of the property. This refund will represent the buyer's sole remedy against us and/or the consignor in case of a rescission of sale under this paragraph. 14. Severability: If any provision of the 'Auction Terms and Conditions' is held by any court to be invalid, illegal or unenforceable, such provision shall be disregarded and the remaining 'Auction Terms and Conditions' enforced in accordance with the original document and in accordance with applicable law. 15. Governing Law: The 'Auction Terms and Conditions' shall be governed by and interpreted in accordance with the law of the State of Florida and, by registering for and bidding in the auction (whether personally, by telephone or by agent), the buyer agrees to submit to the exclusive jurisdiction of the state courts located in Palm Beach County, Florida, in connection with any matter regarding this auction.

Sales tax will be added to all purchases at the rate of 6% (West Palm Beach County sales tax rate) of the final purchase price. No sales tax will be charged if the successful bidder provides us with a copy of a valid Resale Form or Tax Exempt Certificate. Items shipped out of state are not subject to sales tax as long as the successful bidder furnishes us with a copy of a shipping document from a shipper showing that the lots are being shipped out of state.