Art Auction April 9

Conditions of Sale 1. Some of the lots in this sale are offered subject to a reserve. The reserve is a confidential minimum price agreed upon by the consignor and ZUERICHSEE AUKTIONEN Inc. below which the lot will not be sold. In most cases, the reserve will be set below the estimated range, but in no case will it exceed the estimates listed. A representative of ZUERICHSEE AUKTIONEN Inc. will execute such reserves by bidding for the consignor. In any event and whether or not a lot is subject to a reserve, the auctioneer may reject any bid or raise not commensurate with the value of such lot. 2. All property is sold "as is", and neither the auctioneer nor any consignor makes any warranties or representation of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, of description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability. 3. Except as provided in paragraph 1 above, the highest bidder as determined by the auctioneer shall be the purchaser. In the case of a disputed bid, the auctioneer shall have sole discretion in determining the purchaser and may also, at his or her election, withdraw the lot or reoffer the lot for sale. 4. All merchandise purchased must be paid for and removed from the premises latest until April, 25th 2008. ZUERICHSEE AUKTIONEN Inc. may impose, and the purchaser agrees to pay, a monthly storage charge of 1.5% of the purchase price of any lot or portion of a lot not removed by the purchaser after above mentioned date. ZUERICHSEE AUKTIONEN Inc. shall have no liability for any damage to property left on its premises after April, 25th 2008. At the option of ZUERICHSEE AUKTIONEN Inc., the merchandise may be transferred to and stored at a bonded warehouse and the purchaser agrees to pay all transfer and storage expenses. ZUERICHSEE AUKTIONEN Inc. may impose, and the purchaser agrees to pay, a monthly interest charge of 1% of the purchase price of any lot or item not paid by the purchaser until April, 25th 2008. 5. ZUERICHSEE AUKTIONEN Inc. accepts cash (in house only) or bank wire for payment. Please contact Accounting for additional payment methods. ZUERICHSEE AUKTIONEN Inc. does not accept payment by credit card for merchandise purchases. 6. If the purchaser breaches any of its obligations under these Conditions of Sale, including its obligation to pay in full the purchase price of all items for which it was the highest successful bidder, ZUERICHSEE AUKTIONEN Inc. may exercise all of its rights and remedies under the law including, without limitation, (a) canceling the sale and applying any payments made by the purchaser to the damages caused by the purchaser's breach, and/or (b) offering at public auction or in free sale, without reserve, any lot or item for which the purchaser has failed to pay in full the purchase price, holding the purchaser liable for any deficiency plus all costs of sale. 7. In no event will the liability of ZUERICHSEE AUKTIONEN Inc. to any purchaser with respect to any item exceed the purchase price actually paid by such purchaser for such item. 8. Shipping is the responsibility of the purchaser. Upon request, our staff will provide the list of shippers who deliver to destinations within Switzerland and abroad. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots. 9. All purchases are subject to the VAT of 7,6% on commission. Some items (marked in our catalogue with an asterix after the lot-Nr.; ) are subject to the VAT of 7,6% on the total amount (i.e. Hammerprice plus commission). It is subject to the buyer to inform himself. 10. A premium equal to 18% of the final bid price up to and including CHF 50'000, 15% for the amount after CHF 50'001 til 100'000 and 12% fort he amount above CHF 100'000 will be applied to each lot sold, to be paid by the Buyer as part of the purchase price. 11. Bidding on any item indicates your acceptance of these terms and all other terms announced at the time of sale whether bidding in person, through a representative, by phone, by Internet, or other absentee bid. 12. Both parties to the agreement agree that any dispute arising under the present Agreement shall be settled before a competent Zurich court of law. Swiss law shall be applicable.

Local Taxes Apply