Fine Art and Antiques Auction: Day 1 of 2

Conditions Of Sale The following as amended by any posted notices or oral announcements during the sale, constitutes the entire terms and conditions on which property listed in the catalog shall be offered for sale or sold through New Orleans Auction Galleries, Inc. (the "Company"), for any consignor of such property for whom we act as agent. As used herein, the term "bid price" means the price at which a lot is knocked down to the purchaser and the term "purchase price" means the aggregate of (a) the bid price (b) a premium of 23% of the bid price up to and including $200,000 and 10% of the amount by which the lot exceeds $200,000 payable by the purchaser to the Company and (c) unless the purchaser is exempt by law from the payment thereof, any Louisiana state or local sales taxes. On the fall of the auctioneer's hammer, the highest bidder shall be deemed to have purchased the offered lot in accordance with all of the conditions set forth herein and thereupon (a) assumes full risk and responsibility therefor (b) if requested will sign a confirmation of purchase thereof, and (c) will pay the purchase price in full. The Company reserves the right to withdraw any lot at any time before the actual sale. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalog and no lot shall be divided for sale. The Company reserves the right to reject a bid from any bidder. The highest bidder acknowledged by the auctioneer shall be the purchaser. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the lot in dispute. If any dispute arises after the sale, the Company's sales records shall be conclusive in all respects. In the event of a tie bid between an absentee bidder and a live bidder, the lot will be sold to the live bidder. If a lot is offered subject to a reserve (the confidential minimum price below which the lot will not be sold), the Company may implement such reserve by bidding on behalf of the consignor, whether by opening bidding or continuing bidding until the reserve is obtained, by placing consecutive bids or bids in response to other bidders. Consignors shall not be permitted to bid on their own items. While the Company has endeavored to catalog and describe the lots correctly, each lot is sold "as is", and neither the Company nor the seller warrants or represents, nor shall be responsible for, the description, genuineness, provenance, importance, or condition of a lot. No statement contained in the catalog or made verbally prior to or during the sale shall be deemed to express any warranty, representation, or assumption of responsibility by the Company or the Seller. In the event that the buyer of any lot fails to pay the purchase price thereof when due, the Company shall have the option, at its sole discretion, to (a) enforce payment by civil action or other proceedings against the buyer; (b) void the sale as if said sale had not occurred; (c) to exercise any other remedy or remedies available under the law, including but not limited to a second sale of said item in accordance with the provisions of Louisiana Revised Statute 9:3161, including the subsequent enforcement of any deficiency against the initial buyer; or (d) to charge successful bids to the buyer's credit card, including the 23% buyer premium. The Company reserves the right to require that advance bids received either by mail or by means of telecommunications be accompanied by a 25% deposit. The Company further reserves the right to require payment in full of the sales price ("Hammer Price") at the moment of successful bid. The Purchase Price must be paid by the successful bidder on or prior to the close of the auction. Checks are not acceptable unless a buyer is accredited with the Company; otherwise certified checks are required. Absolutely no items may be removed before the end of the auction. All items must be removed by the purchaser thereof promptly after the auction. The Company is not liable for any damage to goods after they have been sold. A storage charge of $5 per item per day will be assessed against any items remaining in the custody of the Company by the close of business of the fifteenth day following the auction. These Conditions of Sale, as well as the Purchaser's and the Company's respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Louisiana. By bidding at an auction, whether present in person or by agent, order bid, telephone, internet, or other means, the Purchaser shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of Louisiana.

Local taxes apply.